Binance Exchange will launch operations with fiat in Uganda

Binance Exchange will launch operations with fiat in Uganda

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The CEO and founder of the Binance exchange, Changpeng Zhao, announced that his company is preparing to launch a new platform for the exchange of cryptocurrency with the support of fiat currencies in Uganda. This is written by Cointelegraph.

The new platform will be called Binance Uganda and it will be the company’s first step to launch operations for the exchange of cryptocurrencies for fiat currencies, in this case Ugandan shilling. According to Zhao, the decision to launch a platform in an African country testifies that “Binance is not only targeting the most developed markets.”

“We believe that cryptocurrencies can demonstrate their extreme usefulness in less developed countries. In more developed countries, you can earn more money, but we want to distribute cryptocurrencies in other parts of the world,” he said.

Zhao also noted that their Ugandan unit is “developing very fast” thanks to the help of local authorities, regulators and industry representatives:

“Uganda is in a very interesting position. In all, 11 percent of the population has bank accounts. This is both a challenge and an opportunity. Maybe it will be easier for them to accept cryptocurrencies than to try to raise the banking system. This is an interesting experiment, and Africa owns a large market. That’s why we are here.”

Before the exchange can expand its offer, it has to solve a lot of issues related to customer identification and the fight against money laundering, he added.

Binance Uganda will be an independent structure, but at the same time have a “reliable business association” with the main platform. The new exchange will use the code base, operating systems and security measures of the original Binance.

The main platform, meanwhile, will be prepared to support the growth in the volume of trading, which, according to Zhao, can increase by 100-1000 times. “I don’t know when this will happen, but we must be ready,” he said.

In the short term, the company plans to open in two or three more regions and continue working on the prototype of its decentralized exchange.

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