- Binance recently announced the shutdown of two subsidiaries — Binance Uganda and Binance Jersey.
- While the subsidiaries are shutting down, local users will still be able to trade on the main platform.
- Following Binance Uganda’s shutdown, the exchange will launch an affiliate program in five African countries.
Only a little more than a week ago, Binance announced that it has decided to shut down its subsidiary in Uganda. The process should be completed by the end of November, with the trading services officially ending on November 11th.
However, the world’s largest exchange is not done with Africa just yet. In fact, it just announced the launch of the Binance Africa Affiliate Program, which will promote it in five different countries.
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According to Binance’s announcement, published on November 3rd, the exchange’s goal is to promote Binance to influencers, content creators, crypto enthusiasts, and others. It will target five countries — Ghana, Nigeria, South Africa, Kenya, and Uganda itself.
Three of the countries — South Africa, Uganda, and Nigeria — will also receive fiat on-ramp services. Users from Kenya, on the other hand, will have access to Binance’s P2P services.
Binance shuts down two subsidiaries within one month
As for Binance Uganda, the deposits and new registrations have already been disabled for over a week now. Binance Uganda used to be a fiat-to-crypto platform — one of many that Binance has already launched across the world.
It allowed Africans to buy crypto with Ugandan shilling (UGX), and it aimed at promoting crypto adoption across the continent. But, despite this subsidiary’s shutdown, Binance will still allow Uganda’s users to deposit UGX via its main exchange.
Binance Uganda has also not seen a lot of users interested in the exchanges BNB/UGX pair. This is why Binance decided to delist its own token from the platform back in September.
However, this was not the only Binance subsidiary to shut down recently. The exchange also announced the pending termination of Binance Jersey, although it did not say why. All that Binance was willing to reveal is that the two subsidiaries’ shutdowns are not in any way connected. Instead, it claims that they acted as independent entities.
While this did put a small setback to the exchange’s plan to expand globally, Binance aims to continue with this mission in due time.