Binance Uganda shut down, but P2P operations are growing

In October, Binance closed its subsidiary in Uganda. Now, they have new plans for expanding in Africa. They made a franchise-like P2P fiat-crypt gateway solution, which works like you have a bitcoin ATM in your store, but it using Binance’s system. The operators can earn between daily 30-350 USD, from exchanging crypto in their local community. The supported countries are currently Nigeria, Kenya, South-Africa, Egypt, and Morocco.

Africa has not so strong financial and network infrastructure, the traditional, personal meet businesses are common in the area. It may the reason behind the lack of success, in the case of Binance Uganda. But this same thing is the reason behind the growing adoption of P2P solutions. The Binance P2P marketplace had 280 million USD volume, since March.