Binance Uganda signs up 40,000 traders its first week

posted 13 days ago
Demand for cryptocurrency appears to be booming across Uganda, a country where nearly 3 out of 4 people don't have bank accounts. Binance Uganda signed up 40,000 users in the first week since the world's largest crypto exchange launched its local subsidiary in October. The early results suggest a strong appetite among unbanked Ugandans for purchasing Bitcoin.

Binance's chief financial officer Wei Zhou said: "They [users] just have to have money within the mobile payment system. They don't have to have bank accounts... [Uganda is] an up-and-coming African country" with a relatively crypto-friendly and stable political system. "For Africa as a whole, this is just step one for Binance to serve Africa." he said. Kwame Rugunda, chairman of the Uganda Blockchain Association and co-founder of the Ugandan blockchain startup CryptoSavannah said "There's a large consumer market for people purchasing cars, for example, because Bitcoin is legal tender in Japan" where the cars are manufactured.
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