The Binance fiat-crypto exchange has been officially launched in Uganda, and an official statement indicates that Binance Uganda has already started its know-your-customer (KYC) procedures.
“We are delighted to announce the official launch of Binance Uganda Exchange: www.binance.co.ug,” reads an official statement.
“Users are now able to complete full account verification in the User Center after logging in.”
KYC, a process of identifying and verifying identities of customers by businesses, was emphasized by authorities after increased worry about the use of cryptocurrency for money laundering.
KYC mostly incorporates four key elements: acceptance policy, identification procedures, transaction monitoring, and risk management.
The Binance fiat-crypto exchange in Uganda will start accepting deposits and withdrawals of Ugandan currency on October 17 (tomorrow).
“Deposits for Ugandan Shillings (UGX), BTC and ETH will open starting from 2018/10/17 10:00 AM Uganda Time (EAT),” reads an official statement.
“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”
Binance Uganda is the first fiat-crypto exchange launched by Binance and it has the capacity to process 1.4 million transactions per second.
Get ready! We are excited to announce the launch of #Binance Uganda! Full sign-ups are now live at https://t.co/hzLBj9Dcrw, deposits and trading coming soon.https://t.co/kpqSVKulox pic.twitter.com/0jdE4cVspI
— BinanceUG (@BinanceUG) October 15, 2018
24/7 live customer support will also be facilitated by Binance Uganda.
Read: How to spot a fake email and avoid getting conned
For the start, the Binance fiat-crypto exchange in Uganda will allow trading of the local shilling unit with Bitcoin core (BTC) and Ethereum (ETH), according to the official communique.
Other trading pairs will be incorporated in the coming months, officials have said.
Binance is the world’s largest digital currency exchange and it has a 24-hour volume of around US$1.97 billion worth of bitcoin alone, reports show.
Liechtenstein, Malta, and Singapore are expected to be the next hosts of Binance fiat-crypto exchanges.
Until now, the exchange had been optimized for crypto-to-crypto trades only.
The launch of the Binance fiat-crypto exchange in Uganda comes at a time when the Bank of Uganda governor has harshly criticized digital currencies, citing the difficulties that could be encountered in regulating them.
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