Binance will officially launch its fiat-to-crypto branch in Uganda this week, where the national currency will be traded with Bitcoin and Ethereum pairs.
As per Binance Uganda’s press release, the new branch will officially start accepting deposits and withdrawals of Ugandan shillings (UGX) Wednesday, Oct. 17. Binance Uganda notes that exchange has already begun its know-your-customer (KYC) procedures.
A Cointelegraph analysis of cryptocurrency in Africa noted that although the Bank of Uganda issued a warning to investors about cryptocurrency risks in March 2017, the country’s government has showed interest in using blockchain technology.
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.”
As Cointelegraph previously reported, this year Binance has revealed plans to open several fiat-to-crypto exchanges.
In August, Binance LCX — a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX) — had announced plans to launch a fiat-to-crypto platform in Liechtenstein and offer trading between Swiss francs (CHF) and euros (EUR) against major digital currencies pairs. However, the exact date of the launch was not revealed.
Binance is the largest international crypto exchange by 24-hour adjusted trading volume, seeing almost $1.8 billion in trades on the day to press time, according to CoinMarketCap.