Binance Launches Fiat Trading Pair in Uganda

Published on 29 Jun. 2018

When at the end of April Binance was said to soon launch the cryptocurrency trading with fiat, everybody believed it would be in the Maltese jurisdiction. The plans of migrating there were known back in March. Nobody could even guess that the first country to offer such a service to the Binance users would be African Uganda.

Binance is the world biggest cryptocurrency exchange in terms of trading volumes, according to the CoinMarketCap. On Thursday, it announced about starting the trading pair fiat-crypto with the Ugandan shilling. More than that, the company reported on the launching of the first fiat crypto exchange, called Binance Uganda.

Trading platform will charge zero trading fee when it appears online; however, Binance refused to specify the time. The first 20 000 registered users will receive 0.5 Binance Coin (BNB) as the “gratitude” for their support, states the Binance announcement. It’s near $7 at the moment of the article publishing.

The tokens will be distributed according to the scheme “first come first served,” but the users who will want to withdraw their tokens will have to pass the authentication procedure after the platform launching, explains the announcement from the Binance.  

The launching of the platform in Uganda confirms the intentions of Binance to expand the cryptocurrency trading toward the countries with poorly developed banking services. In 2016, only 33% of Ugandans actively used their registered financial accounts, according to the Financial Inclusion Insights research (an organization that is focused on the tendencies in the digital financial services).

As we reported earlier, on April 26, Binance launched a new function that allows users to convert a so-called “crypto dust” into BNB. Crypto Dust is a small amount of cryptocurrency impossible to trade since it is smaller than the transaction fee. Being lower than the minimum trading limit, it usually settles down in the users’ wallets.

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