Binance's First Crypto-Fiat Exchange in Uganda Goes Live

The world's largest crypto exchange Binance has launched its fiat-to-crypto exchange in Uganda today, Oct. 24, according to an official announcement on Medium.

Binance Uganda, Binance's first fiat-to-crypto exchange in Uganda, has officially launched live trading, enabling users to buy two major cryptocurrencies - Bitcoin and Ethereum - with local fiat currency Ugandan shillings.

The exchange had announced last week that Binance Uganda would open this week.

Today's statement reads that Binance Uganda is also a "First step" to the expansion of crypto exchange markets for a "More inclusive ecosystem that will involve fiat currencies."

Binance Uganda will charge users with 0.1 percent trading fee, the statement says.

Binance is currently the top global crypto exchange according to trade volumes that now amount to around $684 million as of press time.

The crypto exchange first announced plans to launch a fiat-to-crypto exchange in Uganda in June this year.

Binance revealed plans to launch a fiat-crypto trading via an independent Malta-based exchange.

Following the announcement, Binance signed a Memorandum of Understanding with the Malta Stock Exchange's fintech and digital asset subsidiary, MSX PLC, to launch a new security token digital exchange.

More recently, Binance acquired an investment from a subsidiary of Singapore-based governmental investment company Temasek Holdings to support the upcoming launch of a crypto-fiat exchange in Singapore, which was announced in September.