Binance Announces Support For New African Currencies Without Third Parties

Binance Announces Support For New African Currencies Without Third Parties

Binance Cryptocurrency Finance
March 8, 2023 by Admin
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Involvement Binance Announces Support For New African Currencies Without Third Parties Cryptocurrency exchange Binance recently announced support for two African currencies – the Nigerian Naira and the Ugandan Shilling – through its Binance Gateway. The move will enable users to make digital currency deposits and withdrawals on the Binance platform with no need for third-party
670 binance announces support for new african currencies without third parties

Involvement

Binance Announces Support For New African Currencies Without Third Parties

Cryptocurrency exchange Binance recently announced support for two African currencies – the Nigerian Naira and the Ugandan Shilling – through its Binance Gateway. The move will enable users to make digital currency deposits and withdrawals on the Binance platform with no need for third-party services.

According to a press release published by the exchange, both the Naira and the Shilling are now accepted for deposits and withdrawals as part of the Binance Gateway service, which is designed to enable individuals to make payments using their local currencies. The announcement came as part of Binance’s efforts to increase global access to cryptocurrencies, particularly in emerging markets such as Africa.

The addition of the Naira and the Shilling isn’t the only move Binance has made to increase access to cryptocurrencies in emerging markets. The exchange has also launched a series of initiatives, including a new fiat-to-crypto exchange – Binance Uganda – and the Binance Charity Foundation. Binance has also been working with local regulators in countries like Uganda and Nigeria to ensure compliant activities on its platforms.

By introducing support for the Naira and the Shilling, Binance is making it easier for cryptocurrency users in Nigeria and Uganda to trade and make transactions in the digital asset ecosystem, without having to rely on third parties. This is a major step forward for Binance and the cryptocurrency industry in Africa, and it’s likely to have a positive impact on the region.