Binance, one of the world’s largest cryptocurrency exchanges, has launched its first fiat-crypto exchange in Uganda, an East African country. Uganda's access to financial services has been growing well over the last couple of years and the move by Binance is expected to help further.
Binance Uganda exchange will accept Shilling (country's local currency). The registrations for new users have already begun. The first 20,000 users will each be rewarded with 0.5 BNB (Binance coin). The current price of BNB is around $14. The total reward is limited to 10,000 BNBs and will be distributed on a first come first served basis. The new users are also offered ‘zero trading fees’ for a month following the launch of trading service. The opening of trading will be announced at a later time, the exchange said.
Binance has been working on several things surrounding fin-tech and blockchain. The exchange recently announced the support of three EOS Airdrops - IQ, DAC and EON. This is uncommon for a crypto exchange as it provides no direct benefit, rather forfeits some security from the wallets, showing Binance's commitment to customer satisfaction. Earlier in 2018, Binance moved their base to Malta, and recently it also set up a bank account there, a significant move for offering fiat to crypto deposits.