Binance, one of the world’s largest cryptocurrency exchanges has announced it will launch a fiat trading pair in Uganda. The new platform, called Binance Uganda, will be the company’s first foray into fiat-crypto trading, supporting the Ugandan Shilling, alongside major cryptocurrencies, and is set to launch imminently.
The exchange will charge zero trading fees when it comes online, though the company declined to state when that would be. However, the first 20,000 users to register with the service will receive 0.5 binance coins (BNB) as “appreciation” for their support.
The tokens will be distributed on a first-come, first-serve basis but users who wish to withdraw their tokens must complete identification verification procedures after the platform is launched.
The launch marks Binance’s first steps in expanding cryptocurrency trading in the underbanked country. In a press interview Changpeng Zhao, the CEO and founder of Binance said:
“Uganda [is a] really interesting situation, only 11 percent of the population has bank accounts. It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption. It’s an interesting experiment – Africa’s a big market, that’s why we’re there.”
The company is also set to launch in two or three more locations in the short-term but there is no information on where these may be, Zhao indicated that Binance is interested in expanding to Africa’s market ‘in general’.