Binance has achieved a significant milestone by obtaining full regulatory approval to operate in Argentina. This achievement represents the company’s 20th global regulatory approval, facilitating its service expansion in a region with a rising demand for cryptocurrency. The registration enables Binance to offer a comprehensive range of services, allowing users in Argentina to trade, buy, and sell diverse cryptocurrencies legally.
A New Chapter for Cryptocurrency in Argentina
For Binance and its clientele, this endorsement from Argentina’s National Securities Commission (CNV) signifies a transformative shift. Previously, the exchange had restricted operations in the country, but now, with the complete support of local regulators, its platform is fully operational.
The interface will be accessible to everyone, allowing individuals to interact freely with it on both mobile and web applications. Binance’s business model is significantly centered in Argentina due to the market’s promising potential for cryptocurrency adoption.
Excited to announce that #Binance has officially registered in Argentina!
We’ve now secured
global regulatory approvals.
Our pledge to foster a sustainable, secure, and safe blockchain ecosystem for our users in LatAm and worldwide continues.
https://t.co/0oHPsePA3T
— Richard Teng (@_RichardTeng) October 1, 2024
The head of Latin America at Binance, Guilherme Nazar, remarked that this approval is crucial, reflecting the company’s commitment to collaborate closely with authorities in the region to foster a safe and sustainable crypto ecosystem.
BTCUSD trading at $61,784 on the daily chart: TradingView.com
Moreover, Binance’s increasing compliance and security protocols have contributed to its recent success, which can be attributed not only to the expansion of its service offerings. The organization has implemented a robust compliance program that includes stringent anti-money laundering (AML) and counter-financing of terrorism (CFT) measures.
In addition, Binance is enforcing Know Your Customer and Know Your Business protocols to ensure thorough verification of its users’ identities. This will enhance security and bolster community trust in cryptocurrencies.
Binance: Future Growth Plans
Following its recent approval in Argentina, Binance is anticipated to continue expanding its presence in Latin America. The company appears determined to seek favorable conditions for legal and lucrative crypto ventures in the region. Recent approvals in Kazakhstan and India further illustrate Binance’s ongoing interest in solidifying its footprint in global markets.
Nazar underscored Argentina’s significance for the crypto exchange’s future pursuits. The organization aims to create an environment conducive to the secure adoption of cryptocurrencies by partnering closely with regulators. This commitment not only benefits Binance but also significantly contributes to the growth of the local crypto ecosystem.
Former Binance CEO Changpeng Zhao was released from a U.S. prison after serving four months for Anti-Money Laundering violations on September 27. Despite his release, Zhao remains barred from participating in or operating the crypto exchange, as confirmed by Binance’s current CEO, Richard Teng, on September 5, who stated that Zhao has received a lifetime ban from involvement in the company’s operations.
Featured image from Digit Insurance, chart from TradingView
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