Binance Launches First Ever Crypto-Fiat Trading Platform in Uganda
Even with the crashing prices of cryptocurrencies, Binance appears unperturbed. Now, the Changpeng Zhao owned exchange has ventured into Africa, in a bid to launch what will be one of the continent’s largest fiat-to-crypto exchanges ever.
Binance Enters Uganda
In what appears like a huge triumph for the entire cryptosphere, Binance exchange has announced the launch of Binance Uganda, its first fiat to crypto exchange.
“Binance is excited to announce our first fiat crypto exchange – Binance Uganda! Registrations for Binance Uganda will open from today, and the first 20,000 users to register on www.binance.co.ug will each be rewarded with 0.5 BNB,” the Binance team declared.
Generally speaking, unlike the technology and internet revolutions that succeeded in eluding Africa, the continent has since embraced the cryptocurrency revolution, and Uganda is one of the nations occupying the frontline with its relatively vibrant cryptospace.
“What I have earned in one and a half years from bitcoin is more than I earned in 10 years as a teacher. I am living on bitcoin because getting a job in this country is not easy,” a Ugandan bitcoin trader told Aljazeera in March 2018.
It’s worthy of note the Binance-Uganda relationship has been waxing stronger since April 2018, when CEO of Binance, Changpeng Zhao (a.ka. ‘CZ’) visited the East African nation and pledged to support the country’s economic development with blockchain technology while creating employment for the youths.
Unlike Zimbabwean authorities and other nations of the world that have failed to embrace the gospel of cryptos, Uganda started formulating amenable digital currency regulations to govern its virtual currency space since 2016.
“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,” CZ said.
The Binance Journey
Established in 2017 after a hugely successful initial coin offering (ICO) that raised a decent $15 million from the sale of its BNB altcoin, Binance became almost an instant hit, and the crypto-to-crypto trading platform quickly attained the status of a unicorn in a matter of months.
However, with the massive success came regulatory issues that have forced the exchange to pitch its tent in more crypto-friendly nations.
Established initially in China, Binance moved to Japan in September 2017, when the then crypto capital of the world placed a blanket ban on bitcoin and cryptocurrency trading within its shores.
Also, the exchange was forced to move away from crypto-friendly Japan to Malta after it failed to meet the regulatory requirements of authorities.
“No need to worry. Some negative news often turns out to be positive in the long term. Chinese have a proverb for this. New (often better) opportunities always emerge during times of change,” the CEO of Binance Changpeng Zhao tweeted at the time.
In less than one year after its launch, Binance has become an inspiring success story, and it appears this is just the beginning of greater things to come for the firm and the entire cryptosphere.