It is easy to buy cryptocurrency with fiat money, and vice versa. However, when it comes to trading, you still cannot find a currency pair, consisting of a fiat currency and a cryptocurrency.
Binance decided to make a significant change in trading history by opening the first crypto-fiat exchange. The exchange is still just in plans, and it is going to be opened in Uganda.
And the experts believe, that the main target if Binance is not only a new market. The main thing is that the cryptocurrency exchange is targeting at the market of developing countries, those countries, where cryptocurrency takes super strong positions, due to the weakness of local currencies.
Binance isn’t going to limit itself with Uganda only, it is planning to extend its services to the entire African market, or at least to such extent to which it is possible.
There are complications, though. This is the first time when a cryptocurrency exchange is going to work with fiat money. So, it shall have lots of questions regarding regulation and especially anti-money laundering act.
Binance Uganda is going to be an independent structure, but with the strong cooperation with the existing platform. The system will be identical the main Binance system, from the technical point of view.
For now, Binance has the biggest trading volume in the market among the cryptocurrency exchanges. And it hopes to increase it in the closest future.