The largest cryptocurrency exchange Binance is opening a branch in Uganda this week, as was announced on the official website today, October 15.
Maintaining the Economy
According to the release, the exchange in Uganda has already begun the know-your-customer (KYC) procedures, and will start accepting deposits and withdrawals of the local currency, Ugandan shillings (UGX), in two days. Initially, the branch will support only Bitcoin (BTC) and Ethereum (ETH), but other currency pairs will be added in time.
The company’s CFO Wei Zhou claimed that the first fiat-to-crypto exchange in Uganda would help support the economy in the African region.
The First of Many
Previously, Binance announced its plans to launch a number of fiat-to-crypto exchanges, including one in Liechtenstein to offer trading of euros (EUR) and Swiss francs against major cryptocurrencies. Another fiat-to-crypto exchange will be open in Singapore soon.
Binance is entitled the major cryptocurrency exchange as it is the largest one by 24-hour adjusted trading volume having nearly $1.8 billion in trades.