Binance recently reached a milestone by receiving regulatory approval to fully operate in Argentina. This success marks the company’s 20th global regulatory approval, allowing it to expand its services in a region that shows an increase in demand for cryptocurrency. With this registration, Binance can now offer its full range of services, allowing users in Argentina to trade, buy, and sell various cryptocurrencies legally.
The New Era of Cryptocurrency in Argentina
For Binance and its customers, this approval from the National Securities Commission of Argentina (CNV) represents a major change. Previously, the exchange had limited activities in the country, but now, with the full support of local regulators, its platform is fully accessible.
The interface will be free and accessible to the general public, so people can freely interact with it on both mobile and web applications. Binance’s business model is very stable in Argentina because the market is considered to have the greatest potential for accepting cryptos.
I am proud to announce that #Binance get registered in Argentina! 🇦🇷
We now have 2️⃣0️⃣ regulatory approvals worldwide.
Our commitment to a sustainable, secure and safe blockchain ecosystem for our users in LatAm and around the world continues. 🚀
— Richard Teng (@_RichardTeng) October 1, 2024
The head of Latin America for Binance, Guilherme Nazar said that the approval is very important, which represents the company’s determination to work closely with the authorities in this part of the world to create a safe and sustainable crypto-ecosystem.
BTCUSD trading at $61,784 on the daily chart: TradingView.com
Binance’s increased compliance and security measures are also contributing to the company’s recent success, not least of which is the growth of its service offerings. The organization has adopted a comprehensive compliance program that includes strong anti-money laundering (AML) and counter-terrorist financing (CFT) measures within its framework.
In addition to this, Binance enforces the principles of Know Your Customer and Know Your Business to perform proper verification of the identity of its users. This will improve the safety of customers and public trust in cryptocurrencies.
Binance: A Future Expansion Strategy
Binance is expected to continue to focus on Latin American presence after the new approval in Argentina. The company seems intent on continuing to seek profitable conditions for legal and profitable crypto ventures in the region. Recent approvals in Kazakhstan and India further demonstrate the company’s interest in consistently and continuously strengthening its presence in markets around the world.
Nazar emphasized the importance of Argentina in the future efforts of the crypto exchange. The organization’s mission is to create an environment that promotes the safe acceptance of hidden funds by working closely with regulators. This commitment not only benefits Binance but also makes a significant contribution to the overall growth of the local crypto industry.
Former Binance CEO Changpeng Zhao was released from a US prison after serving four months in connection with Anti-Money Laundering violations on September 27. Although released, Zhao remains banned from operating or operating a crypto exchange since the current manager of -Binance, Richard Teng, confirmed on September 5 that Zhao received a lifetime ban from involvement in the company’s operations.
Featured image from Digit Insurance, chart from TradingView