Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The worldās largest crypto exchange announced two subsidiary suspensions within one month.
The worldās largest cryptocurrency exchange is launching a new affiliate program in Africa after announcing the termination of its Uganda-based service.
On Nov. 3, Binance officially announced the launch of the Binance Africa Affiliate Program, which aims to promote Binance across the continent. According to the exchange, the new program is open to influencers, crypto enthusiasts and content creators across Nigeria, Ghana, Kenya, South Africa and Uganda.
A spokesperson for Binance told Cointelegraph that Binanceās services in Africa include a fiat on-ramp for users from Nigeria, South Africa and Uganda. The exchange also provides peer-to-peer services for users from Kenya.Ā
The move follows Binanceās Oct. 27 announcementĀ that it was shutting down its Uganda subsidiary. Binance Uganda is expected to be entirely terminated as of Nov. 28, 2020, while the closure of trading services is scheduled for Nov. 11. The exchange has already closed deposits and new registrations on Oct. 28, the announcement reads.
Binance Uganda was a fiat-to-crypto platform launched by Binance in June 2018, allowing users in Uganda to access crypto with the Ugandan shilling, or UGX, and promote crypto adoption in Africa. Despite the platformās suspension, local users will be still able to deposit UGX through Binanceās main platform, the exchangeās representativeĀ noted.
In September 2020, Binance delisted its native tokenĀ Binance Coin (BNB) from Binance Uganda. Executives then explained that the BNB/UGX trading pair did not meet the exchangeās trading standards.
Binance Uganda is the second local exchange subsidiary to close in the last 30 days. On Oct. 19, Binance announced the upcoming termination of Binance Jersey. The exchange did not specify the reasons for shutting down operations in Jersey, instead stating that Binance.com āwill continue to offer services to citizens of Jersey through compliant banking channels.ā
According to Binance representative, the two suspensions are not connected, as āBinance Jersey and Binance Uganda are two independent entities.ā The spokesperson noted that the exchange will continue to expand globally toĀ provide more localized products and services for local users.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.