Now that Binance has launched its new venture in Uganda, there are a lot of expectations regarding this new trading platform. Exploring the African markets is something that is often overlooked in the cryptocurrency industry. Here are aspects of Binance Uganda which you might find interesting.
#3 No BNB Support (Yet?)
Although many people own Binance Coin in the hopes of reducing their trading fees, that same aspect will not apply to Binance Uganda, at least for the time being. There is no indication this token will make its way to this particular venture as of yet, which means there is no specific reason for users looking to rely on this trading platform to own BNB.
That should not necessarily have any real impact on the BNB value. After all, it is possible the token will be implemented into Binance Uganda at some point, even though the exact plans regarding this approach remain rather unclear at this time. The new trading platform is only up and running for 24 hours, thus there are still a lot of unknowns waiting to be clarified moving forward.
#2 Very Few Trading Pairs
Although most cryptocurrency trading platforms want to offer as many markets as possible, Binance Uganda is doing things a bit differently. The regular Binance trading platform has over 300 different trading markets right now, yet the Ugandan counterpart will only focus on two different markets at this time. Both Bitcoin and Ethereum can be traded against the local fiat currency.
On paper, these two different pairs are pretty significant at this stage. No one knows exactly what to expect from Uganda in terms of cryptocurrency trading, even though Binance clearly sees it as a golden opportunity to explore. At the same time, this venture may very well backfire, depending on the circumstances surrounding cryptocurrency in the country.
#1 Liquidity Can Be a Problem
Even though Binance Uganda is officially open for business, it will be interesting to see if and when the first trades on the platform occur. Exchange signups have been opened a few days ago, and deposits are going live as of today at 10:00 AM EST. It will take a while to see any real interest in this new platform.
The actual trading will not go live immediately, which can make some traders averse of checking out this platform at this time. Binance will communicate the exact date to launch actual trading, which will potentially depend on how many users sign up during this early launch phase. For now, the order books will remain empty, albeit that is not something to be overly concerned about just yet.