Binance closes its Uganda subsidiary

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Binance закрывает свое подразделение в Уганде

Binance cryptocurrency exchange announced the closure of her unit in Uganda due to unprofitability. Binance Uganda bidding will stop 11 November, And the withdrawal of funds will be available before 28 November.

Binance trading platform was launched in Uganda in October 2018 year and provided Users are the ability to replenish a deposit in Ugandan shillings, as well as BTC, ETH and other cryptocurrencies. Many Uganda residents are faced with problems, related to banking services, Therefore, in this country there is a great interest in cryptocurrencies.

Now Binance Uganda customers should go to the Binance.com site, which also accepts Ugandian shillings using the Mobile Money mobile payments system, credit and debit cards, as well as bank transfers. The site users need to complete the trade before 11 November and withdraw funds to 28 November.

Recently it became known, that the exchange closes its Binance Jersey unit, registered on the British Isles in January last year. As explained by Binance CEO Chanpen Zhao (Changpeng Zhao), The closure of these offices is associated with, that the Binance International Exchange provides the same services to users thanks to the opening of fiat gateways.

Besides, On Binance Uganda and Binance Jersey, a relatively small number of customers, Therefore, it makes no sense to support these two sites. Zhao added, that this is a thoughtful business solution, and Binance has no problems with local regulatory authorities.

Previously, Zhao called Binance Uganda an “independent exchange” from an operating point of view. After breaking Binance in 2019 year, The leadership of the Ugandan Exchange reported to users, that their funds are safe and “separated” from Binance.com.

In September, Binance Uganda excluded BNB internal tokens from Listing, stated, that they do not comply with its trading standard. Zhao added, that regardless of the actions taken, Binance Uganda does not bring enough profit. Now it is a "loss center", And in any case, everyone uses binance.com.