Binance opens fiat-to-crypto exchange in Uganda

Crypto exchange Binance is to open a fiat-to-crypto exchange in Uganda this week. CEO and founder of Binance, Changpeng Zhao,  told Cointelegraph back in June of plans to open the Ugandan crypto-fiat exchange.

Now the launch is official. An additional press statement from Binance, reveals that Uganda’s national fiat can only be traded with Bitcoin and Ethereum, but that the exchange is hoping to add more pairs in the near future.

Initially, Uganda’s national fiat will only be able to be traded with Bitcoin and Ethereum,

Cointelegraph reports that although the Bank of Uganda issued a warning to investors about cryptocurrency risks in March 2017, the country’s government remains interested in using blockchain technology.

Binance’s Chief Financial Officer, Wei Zhou, insists  that the company’s first fiat-to-crypto exchange in Uganda will help maintain sustainable economic stability in Africa, adding that the company plans to bring “more innovations to the region.”