According to Cointelegraph, Changpeng Zhao – the CEO of Binance – announced the launch of the company’s first crypto-fiat exchange in Uganda. The new platform will be Binance’s first step towards fiat-crypto trading – supporting the Ugandan Shilling. The CEO explained that his company wants not to focus on most developed countries but “distribute crypto to the rest of the world”.
There are a lot of issues to be solved related to customer identification and the fight against money laundering, before the exchange can expand further, Zhao emphasized.
Binance Uganda will be an independent structure, but at the same time have a “strong business corporation” with the main platform. The new exchange will use the code base, operations and security measures of the original Binance.