Binance Uganda To Accept Deposits In Ugandan Shilling, BTC & ETH

Weeks following the launch of Uganda’s first-ever fiat-crypto exchange, Binance has made another move towards enabling cryptocurrency trading in the East African country.

From October 17, users will have the opportunity to make deposits to Binance Uganda in the top cryptocurrencies bitcoin and ethereum including in Ugandan Shillings. This will enable easy trading between Ugandan shillings and cryptocurrencies. But trading in the BTC/UGX and ETH/UGX pairs will not begin for now.

“Trading on Binance Uganda will open soon with BTC/UGX and ETH/UGX trading pairs. The start time for trading will be released in a later announcement,” the cryptocurrency exchange noted in a statement.

Furthermore, Binance has also revealed that total account verification of users has now been made.

Binance’s venture in Uganda is in line with efforts of the crypto exchange’s plans to spread on the African continent which has one of the youngest populations in the world.

“In Sub-Saharan Africa, only 43% of people aged 15+ own a bank account versus a global average of 69%,” wrote Binance Labs director, Benjamin Rameau, in a blog post last month. “In some areas such as South Sudan the ratio is as low as 9%.”

Moreover, with African having a somewhat high number of countries which have gone through or are experiencing high inflation rates, deflationary cryptocurrencies could possibly be highly pleasing hence making Binance in the right place to gain for this.

Separate of Africa, Binance announced in September that they have started beta testing of a fiat-crypto exchange in Singapore. But users would only be allowed by invitation.

“I just slipped that we will begin #Binance Singapore fiat exchange live money closed beta testing on Sept 18th, in 3 days.  Invitation only first.  Exciting!” the founder and CEO of Binance, Changpeng Zhao, wrote on Twitter last month.