Fiat-to-Crypto Exchange Binance Uganda Opens for Deposits and Withdrawals

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Fiat-to-crypto exchange Binance Uganda began accepting deposits and withdrawals of Ugandan Shillings on Wednesday, October 17th. The exchange commenced Know Your Customer (KYC) procedures too and became the first fiat-crypto exchange launched by Binance, the largest cryptocurrency exchange by trade volume.
Built on top of technology developed by Binance, Binance Uganda is capable of processing 1.4 million transactions per second and will feature 24/7 live customer support and will initially support trading Ugandan Shillings (UGX) with Bitcoin (BTC) and Ethereum (ETH), with more trading pairs to be added. Users are exempt from trading fees during the first month.
“We are extremely proud to officially launch our first fiat-crypto exchange in Uganda,” said Wei Zhou, CFO at Binance. “We have been diligently preparing for this exchange with our local partners since our team first visited Uganda in April 2018. This is only the first step in our efforts to use blockchain technology to support sustainable economic development in Africa, and we look forward to bringing more innovations to the region.”
With a population of over 44 million, Uganda has become a first-mover in blockchain adoption. The country is home to key blockchain conferences, associations and communities, with strong support from its government and regulators.
Since Binance Uganda opened for registration on June 28th, Binance has announced plans to launch fiat-crypto exchanges in LiechtensteinMalta and Singapore, and with more exchanges underway in regions around the world.
Register and learn more about Binance Uganda at www.binance.co.ug.