Binance, the giant crypto exchange in terms of trade volume, is looking to introduce a new affiliate initiative in Africa after recently closing its local exchange subsidiary in Uganda.
Based on the November 3 announcement, Binance aims to expand its services across the continent by launching the Binance Africa Affiliate program. The exchange further highlighted that the new initiative is available to crypto enthusiasts across several African regions, including Nigeria, Kenya, South Africa, Ghana, and Uganda.
A Binance spokesperson passes the statement that the exchange’s Africa services offer a fiat on-ramp for users from Nigeria, South Africa, and Uganda. Whereas for Kenyan users, the exchange presents P2P services.
Binance Shuts Operations of its Second Local Subsidiary
Binance Uganda was a crypto-to-fiat platform introduced by Binance as an initial move in order to explore new opportunities into the African regions, enabling users to access crypto with native currency, Ugandan shilling, and push crypto adoption further in several regions of Africa.
According to the news, Binance Uganda is supposed to be completely discontinued as of November 28, while the trading services closure is set for November 11. Earlier in September, Binance delisted its native token BNB from Binance Uganda. The exchange officials then clarified that the BNB trading pair against the Uganda shilling did not match Binance’s trading standards.
While responding about subsidiary closure, Binance CEO Chenpeng Zhao said, “all the features that Binance Uganda provides [are] now covered by Binance.com together with our fiat channel partners, there is a very minimal number of users on there, so it doesn’t make sense for us to maintain two platforms.
In the period of the last 30 days, Binance Uganda is the second local subsidiary to close. Previously as reported, Binance announced to shut down its subsidiary in Jersey. Although the exchange did not provide explicit detail about the closure of Binance Jersey, instead stating that the main platform Binance.com “will continue to offer services to citizens of Jersey through compliant banking channels.”