Binance continues its expansion. This time, the popular exchange has officially been launched in Uganda. Users that want to trade in the country can now do it through www.binance.co.ug. The information has been released by Binance just a few days ago in a blog post.
Binance Starts Operating in Uganda
Back in June, Binance announced that it wanted to start operating in Uganda. At that time, the exchange formally opened the registration process. The first 20,000 users were rewarded with 0.5 Binance Coin (BNB), the cryptocurrency used in the platform.
The main intention is to expand cryptocurrencies not only to developed countries but also to less developed nations.
According to the official announcement, users can now complete the full account verification. Additionally, users will enjoy a month of zero trading fees once trading comes online. DEposits for Ugandan Shillings (UGX), BTC and ETH will open on October 17 at 10:00 AM Uganda Time (EAT).
The official announcement reads as follows:
“We are delighted to announce the official launch of Binance Uganda Exchange: www.binance.co.ug. Users are now able to complete full account verification in the User Center after logging in.”
There will be different trading pairs related to the Ugandan Shilling supported at the exchange. Users will be able to trade BTC/UGX, and ETH/UGX. Furthermore, the platform will be open to everyone interested in it and it is not limited to Ugandan residents.
Users in the new platform can start to debate about virtual currencies and the service in the official Telegram group.
Binance is one of the most popular exchanges in the market. According to CoinMarketCap, it is the largest by trading volume. In the last 24 hours, it has handled $1.03 billion dollars. The most important trading pairs at the exchange are BTC/USDT, ETH/USDT and XRP/USDT accounting for almost 40% of the total trading volume.
In the past, Binance informed that it wants to start to include fiat pairs. Now, the Ugandan Shilling will be available for interested users. New fiat pairs could be added in the near future as well.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.