As per Binance Uganda’s press release, the new branch will officially start accepting deposits and withdrawals of Ugandan shillings (UGX) Wednesday, Oct. 17. Binance Uganda notes that exchange has already begun its know-your-customer (KYC) procedures.
An additional press release reports that Uganda’s national fiat can only be traded with Bitcoin (BTC) and Ethereum (ETH), but that the exchange is planning to add more pairs soon.
Binance’s CFO Wei Zhou says that company’s first fiat-to-crypto exchange in Uganda will help maintain sustainable economic stability in Africa, noting that the company plans to bring “more innovations to the region.”
In August, Binance LCX — a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX) — had announced plans to launch a fiat-to-crypto platform in Liechtenstein and offer trading between Swiss francs (CHF) and euros (EUR) against major digital currencies pairs. However, the exact date of the launch was not revealed.
Later in September, Binance had stated it will soon start private beta testing of a fiat-to-crypto exchange in Singapore, which will presumably support the Singapore dollar.