Binance recently announced the closure of two subsidiaries – Binance Uganda and Binance Jersey.
While the subsidiaries are closed, local users will continue to be able to trade on the main platform.
Following the closure of Binance Uganda, the exchange will launch a partner program in five African countries.
Just over a week ago, Binance announced that it has decided to close its subsidiary in Uganda. The process should be completed by the end of November, with trading services officially ending on November 11.
However, the world’s largest exchange with Africa is not yet complete. Instead, she has just announced the launch of the Binance Africa Affiliate Program, which she will promote in five different countries.
According to Binance’s announcement, released on November 3, the aim of the exchange is to promote Binance to influencers, content creators, crypto-enthusiasts and others. The exchange 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 drive-up services. Users from Kenya, on the other hand, will have access to Binance’s P2P services.
Binance to close two subsidiaries within one month
As for Binance Uganda, deposits and new registrations have been blocked for over a week. Binance Uganda used to be a Fiat-to-Crypto platform – one of many that Binance has already introduced worldwide.
It enabled Africans to purchase Ugandan Shilling (UGX) crypto and aimed to promote the adoption of crypto across the continent. However, despite the closure of this branch, Binance will continue to offer Uganda users the ability to deposit UGX through the main exchange.
Binance Uganda has also not seen many users interested in the BNB/UGX exchange pair. For this reason, Binance decided back in September to remove its own token from the platform.
However, this was not the only subsidiary of Binance that was recently closed. The exchange also announced the imminent closure of Binance Jersey, but without giving the reason. All that Binance was prepared to reveal is that the closures of the two subsidiaries are in no way linked. Instead, it claims that they were acting as independent entities.
While this was a minor setback to the Exchange’s plan to expand globally, Binance intends to continue this mission in due course.