Binance Uganda has announced that users can come one step closer to carrying out trades on the platform by completing their account registration process on the platform ahead of the start of trading in two days time. This comes a few days after the company announced the official launch of its fiat-crypto exchange platform.
Binance Uganda Launch Blueprint
Binance, a cryptocurrency exchange platform, which was initially based in China before migrating to Japan due to the country’s cryptocurrency ban, has made substantial inroads into East Africa through Uganda. Its platform in Uganda will serve to allow customers trade in cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.
According to the statement from Binance Uganda, users can now complete full account verification in the User Center after logging in, which is a key step in the KYC/AML crypto exchange process used by the platform. The statement also mentions that the Ugandan shilling (UGX) has been paired with BTC and ETH, and deposits for these will open on the 17th of October 2018 at 10:00 AM EAT.
As previously earlier explained by the company, the objective of opening an exchange in Uganda is to “expand its reach not only in developed countries, but to those less developed and with the potential to grow into thriving markets”.
To this end, Uganda is a strategic market in Africa, as it combines a relaxed regulatory environment with a substantial massive tech scene and a crypto-savvy environment. There is also potential for Binance to grow rapidly as more and more entrepreneurs in Uganda decide to invest in crypto markets.
To underline its ambition of expanding across the continent and eventually the world, it was also revealed that the new platform is not limited to residents of Uganda. Anyone around the world can register to use the exchange using the usual KYC (Know Your Customer) procedures.
What’s in It For Ugandan Users
Binance's CFO Wei Zhou says that the company's first fiat-to-crypto exchange in Uganda will help maintain sustainable economic stability in Africa, noting that the company plans to bring “more innovations to the region.”
Outlining a reward system for Ugandan users he said:
As appreciation for the ongoing support from their esteemed users, the exchange firm will be providing Binance Uganda users with a month of zero trading fees once trading comes online. The opening of trading will be announced soon. The total rewards for this promotion are strictly limited to 10,000 BNB, and will be distributed on a first come first served basis