Binance have made a habit of being a regular feature in cryptocurrency news, for all the right reasons. On 28th June, 2018 Binance announced that they will be launching their first ever crypto-fiat exchange. This was taken as great news, however, the first Binance crypto-fiat exchange is currently only going to be available in Uganda. Leaving many crypto users stunned as to why only Uganda and if Binance will be launching this product to the rest of the world. The good news is the Binance fiat-crypto exchange will be available in more countries soon.
Binance launch fiat-crypto exchange in Uganda
Binance announced on Thursday that they will be launching their first ever fiat-crypto exchange which will be available exclusively in Uganda.
The exchange is also offering a promotion to the first 20,000 users whom sign up will receive 0.5 BNB to show “appreciation” for their support. The Uganda exchange: www.binance.co.ug will offer zero trading fees for the first month.
Those who are to receive the free tokens for signing up must complete full ID verification to receive the tokens which will be distributed on a first-come, first-serve basis.
When will the exchange be available in other countries?
It is believed that Uganda has been chosen by Binance for a number of reasons. The main reason being that Uganda is being used as a kind of beta test before offering this service to a wider audience. Binance have a habit of making sure they can deliver on their word. By testing this service in Uganda which has a population of roughly 44 million, it is a controlled size in which they can assure any issues which arise are ironed out.
Uganda has quite a large population of bitcoin enthusiasts, it is believed that bitcoin has enabled a larger number of citizens to be able to shop online which was previously very costly. A number of restaurants and shops have started to accept bitcoin in an attempt to make the people of Uganda more comfortable with cryptocurrencies.
Binance have announced in an interview with Bloomberg their intentions to launch a fiat-crypto exchange in Malta, where they have recently opened an office.
“We are very confident we can announce a banking partnership there soon,” Zhao said. “Malta is very progressive when it comes to crypto and fintech.”
Once Binance have demonstrated that a secure and compliant fiat-crypto exchange can be successfully operated, it will only be a matter of time before a number of other countries want to allow Binance to open operations within their countries.