The cryptocurrency exchange has given up on Binance Uganda, but the regional play remains strong
Following the announcement of a disappointing closure of a Ugandan subsidiary in October, Binance — the world’s largest cryptocurrency exchange — released a blog post yesterday indicating that another initiative, Binance P2P, is making strong inroads across the world’s second-most populous continent.
Titled “P2P Merchants: Facilitating Freedom of Money in Africa,” the post highlighted the peer-to-peer trading program’s growth in the region throughout the year — most notably stating that Binance P2P has processed a total of $280 million equivalent local African currencies since March, when the program introduced coverage for the Nigerian Naira (NGN).
Binance also claims that the program allows local merchants in Nigeria, Kenya, South Africa, Egypt and Morocco to “earn between $30 and $350 per day” buying and selling cryptocurrencies to their peers with local fiat currencies.