· 7 months ago

Chinese Crypto-billionaire founder of Binance visits Uganda

Changpeng Zhao (L) and the Binance Delegate being received by Kwame Rugunda (R) the head of the Blockchain Association Uganda

Changpeng Zhao (L) and the Binance Delegate being received by Kwame Rugunda (R) the head of the Blockchain Association Uganda

Changpeng Zhao, a Chinese crypto-billionaire has today concluded his visit to Uganda. The founder of Binance, a crypto exchange platform jetted into Uganda over the weekend.

The purpose of his visit was to create hype around the up-coming African Blockchain Conference that he will be a part of. He also met some high profile people in Uganda’s government as well as the key people building Uganda’s still nascent blockchain scene.

Among the government officials that he held a meeting with is Uganda’s prime minister, Ruhakana Rugunda. It is anticipated that their meeting centered around making Uganda a first-mover when it comes to blockchain adoption.

He later met a team of around 20 blockchain enthusiasts for a 2-hour session at the offices of Blockchain Technologies at Nakawa Business Park. Here, CZ answered all questions about his company, Binance, the future of crypto in Uganda and Africa as well as the regulatory issues surrounding the currencies.

Commenting about regulation, he said that “any country shutting down crypto actually encourages crypto.” Adding that “one country’s decision doesn’t affect the adoption of cryptocurrency” when asked about how the Chinese government’s decision to ban crypto-trading affected Binance.

Though he admitted that “regulation is very important for this [crypto] industry but good regulation”. Pointing out that “there are bad actors in the [crypto] industry and need to be punished.”

“However, if you over-regulate, you’re going to kill it,” he added.

Being his first trip to Africa, CZ confessed that he was impressed with what was happening in Uganda around the adoption of blockchain. But also – together with Helen Haiyu, the head of Binance Foundation, encouraged the Ugandan community not to become complacent. This way, the two emphasized, Uganda would lose the advantage of being a first mover.

“You guys are going to be the early adopters of this technology. It is now your opportunity to educate other people,” CZ said.

The four woman and man delegation also comprised of the head of Binance Foundation and Binance Labs who both pledged to work with the Ugandan blockchain community.

Founded last year, CZ saw Binance eclipse from nothing to becoming the world’s biggest crypto exchange in the world.

In February this year, Forbes wrote that “seven months ago Binance didn’t exist. Since then, its 1.4 million-transactions-per-second capability have attracted 6 million users, making it the world’s largest crypto-exchange.”

However, CZ – in his speech today, said that “I have been in exchanges for 20 years”. Though, to many, he says “it looks like it took us 6 months to go from zero to the biggest [crypto exchange platform]. But for me, it was 20 years.”

Forbes, in a story that made it to their cover for February’s edition this year, also reported that CZ’s crypto net-worth had jumped to between $1.1 billion to $2 billion at around the time of publication of their article.

Binance, through its foundation, is one of the sponsors of the upcoming African Blockchain Foundation set to take place at Kampala Serena Hotel in May. CZ also confirmed his attendance. Saying that “I will be back here in two weeks.”

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