Chanpen Zhao (Changpeng Zhao), CEO and founder of Binance, said that the company plans to open a cryptocurrency exchange in Uganda.
The new platform, Binance Uganda, will be the first to market in Fiat-crypto trading and will support the Ugandan shilling along with the main cryptocurrencies. The exchanger will be launched in the near future.
Zhao believes that this proves the company’s commitment to emerging markets:
We believe that crypto-currencies are very much in demand in less developed countries … in more developed countries more money, but we want to contribute to the development of cryptocurrency and the rest of the world.
Stressing that Binance is interested in expanding Africa market “in General” Zhao said that the work on the exchanger in Uganda “progressing very fast” thanks to the strong support from the government, regulators and the industry:
In Uganda really really interesting situation, only 11 percent of the population have a Bank account. It is both a challenge and an opportunity. Therefore, it may be easier to use the cryptocurrency as form of payment instead of trying to improve the condition of the banking sector. This is an interesting experiment. Africa is a big market, that’s why we’re there.”
Given that this is “the first time Binance began working with Fiat currencies”, the exchanger intends to comply with all procedures for customer identification and anti-money laundering (KYC/AML).
Binance Uganda will be an independent structure, but with the strong support of the main platform. From a systemic point of view, it will be a separate exchange, but is identical to an existing one, with the same operating procedures and security.
Zhao believes that the volatility of the cryptocurrency markets will eventually slow down when the total market capitalization of the industry will begin to grow.
To prepare for “the next surge”, Binance improves your system to provide more volume in 100 or 1,000 times greater than currently possible.
I don’t know when it will happen, but we need to be ready for it.
The company also plans to open representative offices in 2 or 3 places in the short term and continues to work on a decentralized exchange.
According to Coinmarketcap, Binance is currently one of the largest cryptocurrency in terms of daily trading volumes.