Trading on Binance Uganda finally goes live today October 24th. This was according to an official statement issued by Binance on its Medium page.
Although Binance is the world’s leading cryptocurrency exchange by trading volume, Binance Uganda becomes its first exchange to offer trading against fiat. Cryptocurrency enthusiast will now be able to interact with bitcoin and ethereum on the exchange.
According to Binance:
“A fiat-to-cryptocurrency exchange in Uganda presents great opportunities for the Binance community, and the broader blockchain ecosystem by extension. This country of 44 million people is a progressive nation when it comes to blockchain adoption, thanks to the strong support for the technology from its government and regulators.”
Earlier communications from Binance had indicated that Ugandans will enjoy a month of free trading after which a 0.1 percent general trading fee will apply. The exchange has capped the minimum trade amount to 0.000001 BTC or ETH while the minimum order value is 10000 UGX. Binance Uganda currently supports BTC/UGX and ETH/UGX trading pairs.
Depositing fiat on the platform using mobile money avenues will attract a 1.5 percent deposit fee.
The live trading on Binance Uganda comes close to five months after the exchange announced it will be venturing into Uganda with a fiat-to-crypto exchange in June this year.
With today’s announcement, Binance is also seeking to advocate “blockchain-fueled development in Africa. Investing in Africa could be the best trade of the century.” To this effect, Binance has also invested in its charity arm, Blockchain Charity Foundation (BCF), to help further make an impact in the lives of Ugandans and Africa at large.
However, Binance Uganda seems like a totally separate platform since those currently registered with the platform will need to re-register with Binance Uganda to be able to access its services.
As trading on Binance Uganda finally goes live, do you think Africans will have the courage to invest in crypto?
Let us know your thoughts in the comments section below.