Binance Uganda Launches Crypto-Fiat Exchange

Binance Uganda has started live trading just a week after allowing preliminary levels like deposits, withdrawal, and user attestation

Prasanna Peshkar

Prasanna Peshkar

December 29, 2019 7:23 PM

Binance Uganda Launches Crypto-Fiat Exchange

Binance Uganda has started live trading just a week after allowing preliminary levels like deposits, withdrawal, and user attestation, according to an official announcement on Medium. This is the company’s primary move into developing the cryptocurrency exchange markets for a more comprehensive ecosystem that will include fiat currencies.

According to its announcement, a fiat-to-cryptocurrency exchange in Uganda offers exceptional possibilities for the Binance. Its CEO, Changpeng Zhao has also announced that his exchange would donate $500,000 to regional causes through the firm’s philanthropic division.

Changpeng Zhao

The blog post stated,

This country of 44 million people is a progressive nation when it comes to blockchain adoption, thanks to the strong support for the technology from its government and regulators. Key blockchain conferences, associations, and communities have flourished in this African nation, lighting the way for the continent to leverage blockchain technology.

At the moment, the exchange holds pairings for BTC/UGX and ETH/UGX where UGX is the Ugandan Shilling. Binance perceives this as a possibility to boost growth in Africa as well as bring crypto to new territories.

Support African Blockchain Companies

Binance has also asked for donations in cryptocurrency from people and business pros to support citizens hit by the massive floods. According to its blog, advanced economies view blockchain as one of many economic ways to accommodate and unite. In contrast, developing economies like the ones in Africa will recognize the technology as an inherent backbone for a completely distinct commercial policy that will direct the clefts in the region’s current policies.

Details of the Binance Uganda exchange

Following are the details of the exchange:

Binance Announces Results of Crypto Donations for Flood Relief in Japan

In the month of July 2018, Binance had donated $1 million for the victims of the floods and landslides in Japan. On July 8, the company had called for steps to help mitigate the harm. On Oct 24, Binance has now released a report on crypto donations to give relief to West Japan.

According to its post, the company has raised approximately US$410,000 in crypto-donations at that time in 7 days, getting a cumulative donation estimated at US$1,410,000 consisting of different types of ERC20 Tokens. The post further described that as of July 20, 225 people were confirmed dead crossed 15 areas with a further 13 people listed missing. Further, approximately 17,000 of the houses of the sufferers were destroyed. It is the most destructive freshwater flood-related disaster in the country since the 1982 Nagasaki flood when 299 people died.

Due to the urgent requirement to help the sufferers, the initial donation was transferred with the help of the local supporter, Miss Bitcoin Mai. Binance has transferred 61.09 BTC (equivalent to 50 million JPY at that time) to her Bitcoin account. Then, she switched BTC to JPY and bank-transferred 25 million JPY to Peace Winds Japan and 25 million JPY to Momotaro Fund which are active NGOs. Open Japan is also one of the NGOs which works for the people in distress, poverty, or other disturbance.

After the donation, Open Japan stated,

It wasn’t difficult to get our account set up, and once everything was ready Binance contacted us to proceed with the donation. It was carried out instantly, and after confirming the transfer we were able to convert it to Japanese yen. Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.

In early October, Binance CEO Changpeng Zhao had declared that the firm will give away all listings fees to charity, after users’ accusations about exorbitant fees for listing altcoins. In the month of August 2018, Chris Franko of Expanse had alleged that he was told to pay 400 Bitcoin (BTC) or $2.5 million for a listing place on Binance. This prompted many to examine the precise details of Binance’s listing method, with some even getting hostile on social media against the exchange.

The infographic credits to

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Prasanna Peshkar
Article By

Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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