New Horizons: Binance’s African Affiliate Initiative
In a surprising twist of events, Binance, the largest cryptocurrency exchange in the world, has launched the Binance Africa Affiliate Program. Coined as a strategy to reignite its presence on the continent, this initiative comes on the heels of the announced shutdown of its Uganda operations. Yes, just when you thought they were packing their bags and leaving, they’re actually planning a crypto party across Africa!
Affecting Countries and Opportunities
The affiliate program invites influencers, crypto enthusiasts, and content creators from notable African nations like Nigeria, Ghana, Kenya, South Africa, and Uganda to jump on board. It’s not just an opportunity for Binance to promote itself, but for locals to earn while diving into the world of cryptocurrency—a win-win if you ask me!
The Uganda Dilemma: Shutting Down Shop
On November 28, Binance will officially close its Uganda subsidiary, a fiat-to-crypto platform that began playing the crypto game back in June 2018. The platform allowed Ugandan users to trade using their local currency, the Ugandan shilling (UGX). Talk about taking one step forward and two steps back! As of November 11, trading services will cease, although local users can still deposit UGX via the main Binance platform. Good news? Maybe, but it’s certainly bittersweet for those who had high hopes for crypto in Uganda.
What Went Wrong?
Binance Uganda, after a brief stint of promoting crypto adoption, faced hurdles that led to its demise. In September 2020, the exchange delisted its native coin, Binance Coin (BNB), from its Ugandan platform. The reason? It didn’t meet the exchange’s trading standards. Ouch. It seems even crypto has its standards to uphold!
More Closures? You Bet!
As if one closure isn’t enough, Binance also announced the termination of Binance Jersey just weeks prior to the Uganda closure. Unlike Uganda, the exchange didn’t provide reasons for Jersey’s shutdown. Instead, they assured users that services would still be available through compliant banking channels. Two exchanges shutting down in a month—sounds like a reality show waiting to happen!
Looking Forward: Expansion Plans
A Binance spokesperson clarified that the closures of Uganda and Jersey are not linked, emphasizing that these are independent entities. The exchange is determined to expand its global reach, offering localized products and services to meet the needs of users. So while they may be closing doors here and there, they’re opening windows of opportunity elsewhere across the globe!
