Binance, world’s largest cryptocurrency exchange has its eyes set on the African market. the entry point? Uganda. While being interviewed by Cointelegraph, the CEO of Binance, Changpeng Zhao, indicated that the exchange is set to start trading. Changpeng noted that the leading crypto exchange will feature crypto-fiat pairs something that will be a first for the exchange.
Although Zhao noted that ‘there’s more money to be made in a more developed country’ he categorically indicated that digital currencies have a higher place in the less developed countries.
With only 11 percent of the Ugandan population having bank accounts, Changpeng sees expanding to Uganda as both a ‘challenge and an opportunity’ indicating that driving the uptake of virtual currencies in the country is much easier than trying to push people to embrace the banking system.
The Ugandan version of Binance will follow Binance code of ethics and operations including the level of security.
Binance and the Ugandan authorities seem to be scaling things pretty fast considering that its only less than two months when Binance announced its partnership with Crypto Savanah, a Ugandan blockchain startup. Confirming this in early April, Zhao said,
“Binance will partner with Crypto Savannah to support Uganda’s economic transformation and youth employment through blockchain, embracing the 4th industrial revolution. We will do this by creating thousands of jobs and bringing investments to Uganda”
As it seeks to scale its operations in the African continent, it will be squaring it out with other exchanges like Golix from Zimbabwe which recently indicated it will be expanding to Kenya and Uganda among other African countries.
With cryptocurrency exchanges and blockchain projects looking to set up in Africa, the African virtual currency market is hugely unexploited.
Cardano, a blockchain project, also signed a deal with the Ethiopian agricultural ministry.
With the CEO indicating that the leading crypto exchange will feature crypto-fiat pairs, do you think they will have a hard time enforcing AML and KYC regulations?
Let us know in the comments section below.