Crypto Exchange Binance Uganda Begins Its KYC Procedures

Crypto exchange Binance revealed on October 15 that it will be launching its first fiat-to-crypto exchange in Uganda. It further stated that Binance Uganda will start accepting deposits and withdrawals of the local currency, Ugandan Shillings from October 17. The fiat-to-crypto exchange started the Know Your Customer (KYC) procedures from October 15 itself. Binance CEO, Changpeng Zhao had shared earlier this June, that the exchange intends to open the Ugandan crypto-fiat exchange.

Binance Uganda, which is built using the exchange’s top technology, is capable of processing 1.4 million transactions per second. It will also feature a 24/7 live customer support. The new fiat-to-crypto exchange will be initially supporting trading Ugandan Shillings (UGX) with Ethereum (ETH) and Bitcoin (BTC). More trading pairs will be later added. During the first month, users will be exempted from trading fees.

Crypto exchange Binance CFO, Wei Zhou said that they are extremely proud to officially launch their first fiat-to-crypto exchange in Uganda. He said that they have been diligently preparing for the launch of this exchange with their local partners, ever since their team first visited Uganda in April 2018. He further stated that this is only the first step in their efforts of using blockchain technology to support sustainable economic development in Africa, as stated in the Accesswire press release.

The exchange had earlier revealed its plans of opening several fiat-to-crypto exchanges this year. Binance LCX, a joint venture between Liechtenstein Crypto assets Exchange (LCX) and Binance, had announced plans of launching a fiat-to-crypto exchange in Liechtenstein in August. However, the exact date of the launch was not revealed, as mentioned in the Cointelegraph report.

Apart from opening a new fiat-to-crypto exchange, Binance Uganda, the firm had stated in September that it will soon start private beta testing of a fiat-to-crypto exchange in Singapore, which will presumably support the Singapore dollar.

The post Crypto Exchange Binance Uganda Begins Its KYC Procedures appeared first on OWLT Market.

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