Binance Uganda, which had been operating in Africa since June 2018 is shutting down operations. The trading platform also recently announced the closure of its Jersey division.
Why is Binance shutting down the Uganda division?
According to the official announcement, the reason for the closure is that Binance now offers its users the ability to deposit UGX through its payment channels on Binance.com.
“Through this alternative channel on Binance.com, users will be able to access higher liquidity, more expansive withdrawal and deposit limits, and a more seamless KYC process,” said Binance Uganda.
The exchange opened a branch in Uganda in June 2018. The head of Binance, Changpeng Zhao, explained this decision with a desire to spread cryptocurrency in all parts of the world.
The company strongly encouraged users to switch to a core platform that can meet their needs. The first stage started on October 28 – the exchange closed registration and deposits in national and digital currencies.
Users can trade tokens and withdraw funds until November 11th. On this day, the second stage will be launched, and the last is scheduled for November 28. After a complete shutdown, the system and accounts will be unavailable.
The exchange, however, added that it will send insufficient balances to cover the commission to the Binance Charity.
Binance to close Jersey division
Binance recently announced that it will end its “Binance Jersey” exchange, which operates in Jersey, a dependent territory of the British royal family, on November 9, 2008, citing its support for fiat currencies as well as this time.
However, other Binance fiat and crypto channels, products and services in Africa remain active and
available. This includes fiat on-ramps in Nigeria and South Africa and Binance P2P in Kenya,
Nigeria and South Africa. Binance remains dedicated to providing products and services to the African market.
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