Binance opens its first crypto-fiat exchange in Uganda

Binance, one of the largest cryptocurrency exchanges in the world, has launched its very first cryptocurrency-fiat pair in Uganda.

According to Coinmarketcap, Binance is the largest exchange by volume present today. In an announcement made on Thursday, Binance talked about their first fiat-crypto trading pair with the Uganda Shilling. The company also announced that the first fiat crypto exchange will be called as Binance Uganda.

As per a report by Coindesk, the first 20,000 users to register on the exchange will get a token of 0.5 Binance coins (BNB) for free. The cryptocurrency will be distributed on first-come, first-serve basis as a token of appreciation and support.

However, the withdrawal of tokens will be completed only after complete identification verification procedures are done by the individual. There will be no trading fees when Binance Uganda is online but the company declined to state when that would be.

Binance has been trying to expand cryptocurrency trading in smaller underbanked nations. According to a study, only 33 percent of Ugandans actively use their registered financial accounts in 2016.

Earlier, Binance had also announced its plans to operate a fiat-crypto trading platform in Malta.