Bitrabo Editorial
Binance has achieved a major landmark by obtaining the necessary regulatory authorization to fully operate in Argentina. This approval marks the 20th global license for the company, allowing for an expanded range of services in a market that is increasingly receptive to cryptocurrency. With this registration in place, Binance can provide its entire lineup of services, enabling Argentinian users to legally trade, purchase, and sell a variety of cryptocurrencies.
Transformative Changes for Cryptocurrency in Argentina
This authorization from Argentina’s National Securities Commission (CNV) is a pivotal moment for Binance and its clients. The exchange previously faced restrictions, but now, with local regulatory support, its platform is fully operational and accessible.
The platform aims to be user-friendly and available to everyone, allowing easy access via both mobile and web applications. Binance is looking to capitalize on Argentina’s promising market potential for cryptocurrency.
We are thrilled to announce that #Binance has received official registration in Argentina!
This brings us to a total of 2⃣0⃣ regulatory approvals worldwide.
We remain committed to fostering a secure and sustainable blockchain ecosystem for our users in Latin America and across the globe.
— Richard Teng (@_RichardTeng) October 1, 2024
According to Binance’s Latin America head, Guilherme Nazar, this regulatory approval is crucial as it shows the company’s intent to closely cooperate with local authorities to create a safe and sustainable cryptocurrency ecosystem.
Binance’s recent success can be attributed not only to an expansion of services but also to its rigorous compliance and security protocols. The company has implemented a robust compliance program that includes strong anti-money laundering (AML) and counter-financing of terrorism (CFT) measures.
Furthermore, Binance is prioritizing Know Your Customer (KYC) and Know Your Business (KYB) protocols to ensure thorough verification of user identities, which will enhance security and foster trust in cryptocurrencies within the community.
Binance’s Strategy for Future Growth
Following the recent approval in Argentina, Binance plans to continue strengthening its presence in Latin America. The company is keen on pursuing favorable conditions for legal and profitable cryptocurrency initiatives in the region. Recent approvals in Kazakhstan and India reaffirm Binance’s commitment to solidifying its global market presence.
Nazar highlighted Argentina’s significance for the future strategies of the crypto exchange. The aim is to create a supportive environment for safe cryptocurrency adoption through collaboration with regulators. This effort not only benefits Binance but also contributes significantly to the overall development of the local crypto sector.
Notably, former Binance CEO Changpeng Zhao was released from U.S. custody after serving four months for Anti-Money Laundering violations on September 27. Although he has been freed, Zhao is prohibited from managing or being involved in Binance’s operations, as confirmed by current CEO Richard Teng on September 5.
Image from Digit Insurance, data from TradingView