Full signups and deposits are now live on the Binance Uganda platform. The Binance team had announced that full trading will be open Today, the 17th of October with the Ugandan Shilling (UGX) being paired with Bitcoin (BTC) and Ethereum (ETH). The Binance team also announced that the platform is not restricted to Ugandan users alone. The exchange is open to anyone using the usual KYC (Know Your Customer) procedures.
Binance had earlier in June announced its intentions of starting operations in Uganda. The company aimed to expand its reach not just to developed countries alone but to less developed countries. By opening an exchange in the African country, Binance Is giving less developed countries with potentials, an opportunity to grow into thriving markets. Binance made the announcement back in June and the first 20,000 users to register on www.binance.co.ug were rewarded with 0.5 BNB. Users also promised zero trading fees as soon as the platform was live and running.
Uganda users can now start depositing funds in UGX, BTC and ETH starting from 10:00 AM Uganda Time (EAT).
Binance Uganda is the first local fiat-to-crypto exchange in the East African nation and marks a milestone in Binance’s push into the African market. Binance Uganda users can now complete full account verification and are able to start depositing funds in UGX, BTC and ETH starting from 2018/10/17 10:00 AM Uganda Time (EAT). Binance had managed to penetrate the Ugandan market. Prior to the launch of Binance Uganda, very few options were available for users convert their shillings into bitcoin or other digital assets. Ugandans had to rely WhatsApp and Telegram to trade on a peer-to-peer basics.
The official announcement states,
“Fellow Binancians,
We are delighted to announce the official launch of Binance Uganda Exchange: www.binance.co.ug
Users are now able to complete full account verification in the User Center after logging in.
Deposits for Ugandan Shillings (UGX), BTC and ETH will open starting from 2018/10/17 10:00 AM Uganda Time (EAT).”
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