Binance Uganda Update: Get Ready

Binance Uganda has enabled full Know Your Customer (KYC) procedures and is accepting deposits of Ugandan Shillings on October 17.

Binance Uganda is the newly launched fiat-to-cryptocurrency exchange platform where users can buy Bitcoin (BTC) and Ether (ETH) using the Ugandan Shilling.

Binance is known as a pure-crypto exchange platform. So when Binance Uganda was unveiled last June, people focused on its fiat-to-crypto trading feature.

But for Binance, the launch of Binance Uganda is more significant than fiat-to-crypto trading. We believe that for us to serve the greater purpose of spreading the freedom of money around the world, we need to build more bridges to reach as many people as possible. So we meet our users where they are, through avenues that are most convenient to them, while staying true to our values and principles.

Here are two of the many goals that we want to achieve with the launch of Binance Uganda:

Increase economic activity in Uganda (and the rest of Africa) through Binance Uganda

Binance Uganda’s launch adds more avenues for Ugandans and other Africans to trade crypto and learn more about the blockchain space as well. Blockchain solutions emerge as attractive alternatives to the issue of financial exclusion in many African countries. As financial technology companies rush to fill the inclusion gap, many turn to blockchain and cryptocurrencies as alternative financial systems. In this respect, Binance Uganda unlocks many financial inclusion opportunities simply by allowing the conversion of users’ fiat money into various cryptocurrencies on the platform.

“Fiat currencies are a very important part of blockchain transactions,” Binance Co-Founder and Chief Marketing Officer He Yi said in a recent interview at CryptoSlate. “By launching a fiat exchange, we hope to provide users with a more complete user experience, and enable not only the exchange and transaction of fiat currency but also future investments in blockchain projects, media, education, and other blockchain fields.”

Provide Africa with the best way of buying Bitcoin and other cryptocurrencies — from education to security

Binance is more than just an exchange; our newer endeavors provide an end-to-end cryptocurrency empowerment service, from introduction and education to technical specifics and analysis such as security, best practices, cryptocurrency details, and a lot more. That’s where Binance Info and Binance Academy come in.

The creation of these information service platforms will equip the African community with additional knowledge, enabling them to be competitive with the rest of the world when it comes to blockchain. In fact, we are encouraged by stories of ingenuity and learning in Africa, from the teacher in Ghana who taught coding even without computers, to the kids in Ethiopia who were given tablets for the first time and then learned to read within weeks and hack within five months. Empowering Africa through education is a step in the right direction for blockchain adaptation.

Want to know more about Binance Uganda? Feel free to explore the new website and join then Binance Uganda Telegram group to weigh in on the conversation. Also, we will give updates about the platform on this blog, so stay tuned.