Binance closes Uganda branch (Binance Uganda Limited)Binance Casino announced the closure of the Uganda branch that operated in the African market under the legal entity Binance Uganda Limited. The liquidation process will take place in several stages and will end on November 28, 2020:
Binance strongly encourages (and we strongly discourage) users to switch to a core platform that can meet their gambling needs without license and dispute resolution feedback.
The first stage started on October 28 - Binance Uganda closed registration and deposits in national and digital currencies. Clients can trade tokens and withdraw funds until November 11th. On this day, the second stage will be launched, and the last is scheduled for November 28. After a complete shutdown, the system and accounts will be inaccessible, apparently deleted or blocked by the Binance system.
Binance added that the balance balances insufficient to cover the commission will be sent to the Binance Charity, in other words, customers' money will simply be sent to charity, it is easy to dispose of other people's money (and no matter how much). It is worth noting that in the summer of 2018, Binance entered the Ugandan market and allegedly in the first week alone, 40,000 users were registered on it, which naturally turned out to be a lie, like all business statistics (volumes, trades, users) on Binance itself.
No fiat currencies were featured on Binance Uganda, its Ugandan arm partnered with a local mobile payment provider through which customers could transact between fiat and cryptocurrencies.
In June 2018, CEO Changpeng Zhao announced that his company was preparing to launch a new platform for exchanging cryptocurrencies with support for fiat currencies in Uganda - but as usual, Binance casinos did not go further "messages of intent". At the same time, Binance Uganda itself (Binance Uganda Limited) in Uganda did not even have a bank account. The big African market (quote from Changpeng Zhao's words) is invited to play at Binance.com casinos - directly, without regular "fake" branches to work and avoid attention from regulators of the country and the region as a whole.
Earlier, we already reported that Binance will close the crypto-fiat exchange Binance Jersey - I wonder what is the reason for the closure of a number of "branches" of its criminal activities? Apparently, close scrutiny from China, US law enforcement and a possible investigation by the FBI.