Binance Uganda has officially announced that it will begin work October 17, 2018. Also Binance is planning to open branches in Singapore, Liechtenstein and Malta.

The upcoming launch of the exchange was preceded by four months of waiting. According to a press release, it will provide services for depositing money and trade bitcoin and ether in pairs with Ugandan shilling. All operations will be carried out in accordance with the law on customer identification.

As promised, in the first month of trading on the exchange will be free. The first 20,000 users who sign up on the new site, will receive 0.5 per token Binance (BNB).

It is reported that Uganda Binance capable of processing 1.4 million transactions per second. It is worth noting that this is one of the first cryptocurrency platforms Binance in Africa, as well as the first cryptofauna exchange company.

Although the East African country with a population of 44 million people, one of the poorest on the planet, is not yet attractive enough for many cryptocurrency exchanges, the head and Creator of the Binance, Chanpen Zhao sees in Uganda, great potential.

In April, Zhao visited the country, met with its President and representatives of the local blockchain community. Binance intends to make a contribution to the transformation of the Ugandan economy and create new jobs for young people.

Note that Uganda is quite active in the dissemination of blockchain technology: there are numerous associations and conferences are held with the active support of the authorities and regulators.

Zhao have extensive plans for the African continent. In August the Director of Binance Labs Benjamin Rameau published a long article in which he spoke about the company’s intention to actively invest in cryptocurrency and blockchain projects in Africa.

In Central Africa only 43% of citizens over the age of 15 have a Bank account. This figure is significantly below the global average (69%). Industry of cryptocurrency and blockchain can provide Africans with greater access to financial services.

According to Forbes, in the spread of cryptocurrencies in Africa, the leaders are South Africa, Nigeria and Ghana.