Binance Uganda (BinanceUG) will shut down next week. CZ, Binance CEO, called it a "loss center" and said it did not generate enough revenue to be profitable. After a two years in operations, Binance Uganda, one of the African ports for the world's largest crypto exchange, will be shutting its doors on November 11. The closure follows a trend by Binance to cut down on losses in 2020, which also closed its British Isle-based exchange, Binance Jersey, on November 30. The closure of the Ugandan and Jersey exchanges raised questions about Binance and its relationship with regulators. Many of these exchanges may have been set up to make it easier for Binance to do business with U.S. customers. They allegedly conceived an elaborate corporate structure to intentionally deceive regulators and profit indirectly from crypto investors in the United States. However, CZ dismissed the FUD and said their exchange has “always operated within the boundaries of the law.” In September, Binance Uganda asserted a little bit of independence, causing a small stir when it delisted the Binance Coin (BNB), claiming it didn’t meet its trading standards. Africans trade over $20 million a week on peer-to-peer exchanges, according to UsefulTulips.