CEO and founder of Binance, Changpeng Zhao announced that the major international fiat-to-crypto exchange will open in Uganda this week, the company reveals Monday, Oct. 15.
The press release states that the branch will soon start accepting deposits and withdrawals of Ugandan shillings and continues to say that Binance Uganda has already begun its know-your-customer (KYC) procedures.
Uganda has shown interest in the recent past about transactions and investing in cryptocurrencies, however, Bank of Uganda had earlier issued a warning to investors about cryptocurrency risks in March of 2017.
Binance, who sees almost $1.8 billion in trades on the day to press time, is the largest international crypto exchange by 24-hour adjusted trading volume. Therefore the move to Uganda isn’t a surprising feat and according to cointelegraph.com – “Binance’s CFO Wei Zhou says that 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.”
In addition to this, Binance has started private beta testing of a fiat-to-crypto exchange in Singapore, which will presumably support the Singapore dollar.
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