Binance Opens Its First Crypto-Fiat Exchange in Uganda. And is the world’s largest cryptocurrency exchange and has just launched a fiat trading pair in Uganda.
The cryptocurrency exchange announced on Thursday that it was starting a fiat-crypto trading pair with the Uganda shilling. Moreover, the company also announced its first fiat crypto exchange in the nation, called Binance Uganda, according to a statement.
And according to CoinMarketCap, Binance is the largest exchange by volume.
The exchange will not charge any trading fees when it comes online, although the starting date for that was not revealed. However, the first 20,000 users to register with the service will receive 0.5 binance coins (BNB) as “appreciation” for their support, according to the statement.
The tokens will be distributed on a first-come, first-serve basis but users who wish to withdraw their tokens must complete identification verification procedures after the platform is launched, according to the announcement.
The launch marks Binance’s latest steps in expanding cryptocurrency trading in the underbanked country. Only 33 percent of Ugandans actively use their registered financial accounts in 2016, according to a study by Financial Inclusion Insights , a data-collection organization which focuses on trends in the digital financial services industry.