The world’s largest crypto-currency exchange announced the closure of two of its subsidiaries within a month.
The world’s largest crypto currency exchange is launching a new affiliate programme in Africa after announcing the closure of its services in Uganda.
On 3 November, Binance officially announced the launch of the Binance Africa Affiliate Programme, which aims to promote Binance across the continent. According to the information provided by the exchange, the new programme is open to influencers, crypto enthusiasts and content creators in Nigeria, Ghana, Kenya, South Africa and Uganda.
A Binance spokesperson told Cointelegraph that Binance’s services in Africa include a fiat access ramp for users residing in Nigeria, South Africa and Uganda. The exchange also offers peer-to-peer services for users in Kenya.
This move follows the announcement on 27 October that Binance would be closing its subsidiary in Uganda. Binance Uganda is expected to close down completely on 28 November 2020, while the cessation of commercial services is scheduled for 11 November. The company had already restricted deposits and new registrations on 28 October, as can be read in the announcement.
Binance Uganda was a fiat to crypto platform launched by Bitcoin Machine in June 2018, which allowed Ugandan users to buy crypto coins with the Ugandan shilling, or UGX, while promoting the adoption of crypto coins across Africa. Despite the closure of the platform, local users will still be able to deposit the national currency through Binance’s main platform, said the exchange’s spokesman.
In September 2020, Binance withdrew its native Binance Coin (BNB) token from Binance Uganda. Executives explained at the time that the BNB/UGX trading pair did not meet the exchange’s trading standards.
Binance Uganda is the second local subsidiary of the exchange to close in the last 30 days. On October 19, Binance announced the upcoming closure of Binance Jersey. The exchange did not go into detail to explain the cessation of its operations in Jersey, but stated that Binance.com „will continue to offer services to the citizens of Jersey through the banking channels that comply with the regulations“.
According to the Binance representative, the two closures are not related, as „Binance Jersey and Binance Uganda are two independent entities“. The spokesman said that the exchange will continue to expand globally to offer more localised products and services to local users.