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Binance Uganda Announces Crypto Exchange Closure on Nov 28

Binance Uganda Announces Crypto Exchange Closure on Nov 28

Binance exchange will start offering direct Ugandan shilling (UGX) exchange to crypto, as Binance Uganda will stop its services before this year ends.

According to an official announcement from Binance, Ugandans can now deposit UGX through the exchange’s official payment channels. Binance assured that they remain committed to offer their crypto exchange services to Ugandan users.

As for Binance Uganda, the announcement said that this is so that it can “centralize its services for Ugandan users” on a single platform.

Consequently, Binance Uganda will stop its services in three phases. Firstly, the platform will stop any deposits or new registrations beginning October 28. Secondly, all trading will halt on November 11. Lastly, Binance Uganda expects the hard shutdown on November 28.

Nevertheless, Binance thanked all Ugandan users for being loyal to the crypto exchange. Furthermore, the exchange urged everyone to use the main trading platform Binance.com moving forward.

The announcement added,

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.

Binance advised all users to transfer their UGX and any cryptocurrency holdings out of Binance Uganda before November 27. Should their balance be insufficient to pay for all relevant blockchain transaction fees, Binance noted that they will be “regrettably” lost.

This announced closure came after Binance Uganda delisted Binance Coin (BNB) from its exchange on September 17. According to the news, BNB failed to perform according to the standard of the team.exchange.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.