One of the world’s leading crypto exchange platforms, Binance has temporarily ceased operations in Uganda following the issuance of the circular by the Central Bank of Uganda warning against converting cryptocurrencies into mobile money and vice versa on 30th April. Binance has sent emails to their customers informing them that their UGX payment partners are suspending operations until further notice so customers should withdraw their UGX funds as soon as possible, before May 30th.
The email reads;
However, crypto enthusiasts have shared on Twitter that this has no effect on crypto trading using Binance and that there is no need for customers to panic at all because they can still withdraw using Peer to Peer (P2P) exchange. This is also included in the email that Binance shared.
Others have added that the same thing happened in Nigeria and Binance introduced P2P exchange to solve the issue.
Binance entered the Ugandan market in 2018 and Changpeng Zhao, CEO, and Founder of Binance emphasized that the main mission for penetrating into Uganda was to encourage the world of fiat to crypto trading with the service currently supporting the Ugandan Shilling as well as other major alt-assets. It looks like the organization is dedicated to achieving its goal.