Binance announces plans to launch the first exchange to offer its services in exchange for coins

Binance announces plans to launch the first exchange to offer its services in exchange for coins

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Answer Binance announces plans to launch the first exchange to offer its services in exchange for coins

Binance CEO and founder Changping Zhao stated that the company is about to launch a new platform in Uganda – according to Cointelegraph -.

This new platform, which is scheduled to be launched soon, will be Binance UgandaIt is the company’s first platform to trade digital and cryptocurrencies for fiat currencies – against the Ugandan shilling – as well as major cryptocurrencies.

Zhao stated, that this step demonstrates the interest of Binance platformIn developing markets, it does not care entirely about developed markets and countries.

He added, “We believe that the cryptocurrency field provides very strong uses that suit developing markets and countries, and with this step we want to spread the industry around the world.”

Read:“Tetragon” company criticizes Ripple and demands the return of its money invested in Ripple for these reasons!

It is worth noting that Binance platformInterested in expanding into the African market in general, Zhao stated that the Uganda project is developing rapidly thanks to the strong support of the government and the country’s regulators.

“Ugda is really interesting, only 11% of the population has bank accounts, it’s a challenge and an opportunity for us, and we think it’s easy to embrace the idea of ​​cryptocurrencies as a type of currency rather than relying on banks,” Zhao said. It is an interesting experience and the African market is big and that is why we are here.”

As this platform will be the first step for Binance to enter the crypto-to-coins field, the platform will go through many procedures regarding “know your customer” procedures or anti-money laundering systems.

Note that the Binance Uganda platform, will have an architecture independent of the existing platform, taking advantage of the commercial and technological capabilities available in terms of security and system.

The CEO of the platform sees the 2018 drop in volume in the cryptocurrency world as normal and that the markets are overreacting and things are still fine.

Read:An exciting shift in the path of the Bitcoin currency from use in digital payments to speculation and investment

The company is scheduled to launch two or three other sites in the short term, while continuing to work towards building a decentralized platform.

Note that the Binance platform is one of the largest trading platforms in the cryptocurrency world, with a trading volume of more than 800 million dollars during the past 24 hours.

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