Uganda's Crypto-Fiat Exchange Is Now Open For Business
The world biggest exchange for crypto in the world, Binance has launched its fiat-to-crypto exchange in Uganda on October 24th according to the official announcement from Medium.
With the first crypto and fiat related exchange going live, Binance Uganda has launched trading too enabling users to buy the two biggest cryptos in the space, Bitcoin and Ethereum with the local fiat currency, Ugandan shillings.
Last week, the exchange revealed that Binance Uganda would open this week. The statement today reads that BU is also a stepping stone to expanding the crypto exchange markets for a more inclusive ecosystem which will involve the traditional currencies.
The previous announcement on October 22nd, suggests that BU customers are set to be provided with a zero-fee trading until the 24th November. After this period, BU will charge users with a 0.1% trading fee. The statement didnât mention the zero-fee trading
Following the announcement, Binance also revealed a recent donation of half a million dollar for Uganda through its charity, Blockchain Charity Foundation (BCF). In the reveal, it states that the launch of the crypto-fiat exchange in the African country is part of the firms aim to contribute to blockchain development in the country, as well as future plans to expand the technology across the continent.
Currently, Binance is the top global crypto exchange according to trade volumes which sum up to over $680 million at the current time of writing. The exchange initially announced plans to launch a fiat to crypto exchange in Uganda in June this year.
As reported by Cointelegraph:
âAlso in June, Binance revealed plans to launch a fiat-crypto trading via an independent Malta-based exchange. Following the announcement, Binance signed a Memorandum of Understanding (MOU) with the Malta Stock Exchangeâs fintech and digital asset subsidiary, MSX PLC, to launch a new security token digital exchange.â
After a warning from Japanese financial regulators, Binance also announced that they will set up a subsidiary office in a place known as blockchain island, also known as, Malta.
In other Binance related news, the exchange has recently acquired an investment from a subsidiary of a Singapore based governmental investment firm Temasek Holdings to support the upcoming launch of a crypto-fiat exchange in the country. This was announced last month in September.
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