Binance, the world’s largest cryptocurrency exchange by means of traded volumes, announced that sign-ups are already available for its fiat-crypto exchange in Uganda.
Uganda Fiat to Crypto Exchange Set to Begin Operations
The world’s leading cryptocurrency exchange announced that it has officially launched its fiat to cryptocurrency exchange in Uganda.
At the current time, users are only able to sign up for their accounts. However, the official announcement also mentions that the venue will be accepting deposits for Ugandan Shillings (UGX), ETH, and BTC starting from October 17th 10:00 AM local Uganda Time (EAT).
The release also outlines that the exchange will first make trading available with BTC/UGX and ETH/UGX trading pairs. However, the official start time for the trading is yet to be released.
Binance’s Rapid International Expansion
The world’s largest cryptocurrency exchange first announced its intentions to expand to Uganda back in June and that it will even provide its users with a whole month of zero trading fees as a small sign of “appreciation for the ongoing support.”
However, it’s notable that the company managed to expand rapidly throughout the last year, following a fairly simple yet effective strategy – move to places where the laws are welcoming and avoid locations with high regulatory scrutiny. This explains the exchange’s decision to steer clear from otherwise provably profitable markets such as China.
It’s also noteworthy that Binance is establishing itself as a brand ambassador for the entire cryptocurrency field. Earlier this month, as Live Bitcoin News reported, the exchange invested a sizeable amount in an Australian start-up named TravelbyBit which attempts to create cryptocurrency-friendly airports throughout the entire world.
Speaking on the matter, Changpeng Zhao, CEO at Binance said:
Long term, TravelbyBit shares our vision and values, and we are excited to work together with them to bring a blockchain-enabled economy.
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