More global cryptocurrency dealers rush to Uganda as thousands sign up for Binance
More global cryptocurrency dealers have expressed interest in Uganda and they are already contacting regulators to set up base in the country.
The development was revealed by Kwame Rugunda, the chairman Blockchain Association of Uganda, who was speaking to CoinDesk about the astounding success of Binance’s unit in Uganda.
Rugunda says there are other cryptocurrency exchange firms that are approaching authorities to tap into the crypto market in Uganda.
“We’ve already heard of interest from other players that are looking at the Ugandan market,” Rugunda told CoinDesk.
Binance which recently launched its fiat-crypto exchange in Uganda signed up 40,000 users in its first week, painting an impressive picture of the country’s interest in the digital currency. We were not able to independently get a comment from Binance Uganda
Binance Uganda is still conducting its know-your-customer (KYC), which involves procedures that are aimed at managing risks that are likely to be met along the way.
Binance Uganda is the first fiat-crypto exchange launched by Binance and it has the capacity to process 1.4 million transactions per second.
In Uganda, Binance will be converting the Ugandan currency to either Bitcoin or Ethereum and vice versa.
According to CoinDesk, Binance Uganda has partnered with a Ugandan mobile payments provider (name withheld) that will facilitate the transactions.
Wei Zhou, the chief finance officer, Binance has said the company is now looking to employ Ugandans to support their subsidiary in the country.
The probable success of Binance Uganda comes amidst intense warnings from authorities against some cryptocurrency dealers in Uganda.
At the recent African Blockchain Conference held in Kampala, President Yoweri Museveni and the central bank governor showed different views towards cryptocurrencies, inspiring a call for more research into the trade.