Binance Expands To Argentina, Locks Down 20th VASP Registration
Binance has secured its 20th global registration milestone by obtaining a license to operate in Argentina on 1 October 2024.
Post the virtual asset service provider (VASP) registration in Argentina, Binance will be available as an official crypto service provider in the country.
For the world’s largest cryptocurrency exchange, this particular expansion highlights the growing acceptance of cryptocurrencies in Latin America.
Binance has been added to the Virtual Asset Service Provider Registry by the Argentina National Securities Commission, marking its 20th global regulatory approval! 🇦🇷 Argentine users can now access Binance's full range of services. — Wu Blockchain News #Binance #CryptoNews pic.twitter.com/VdaBz0o3TA
— Scrooge Mc Duck (@McScroogeTrade) October 2, 2024
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Binance’s Expansion Strategy In Latin America
Binance has been on an aggressive expansion path, aiming to establish a strong presence in key markets worldwide.
The registration in Argentina is part of this broader strategy to increase its footprint across Latin America, a region that has shown increasing interest and adoption of cryptocurrencies.
Argentina presents a unique opportunity for cryptocurrency exchanges like Binance.
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The country has been grappling with economic instability, characterized by high inflation rates and currency devaluation. As a result, many Argentinians have turned to cryptocurrencies as an alternative store of value and means of transaction.
With this, Binance does not only expand its market reach but also aligns with the country’s regulatory framework to ensure compliance and build trust among users. Binance’s entry into Argentina is likely to have a ripple effect across the Latin American crypto ecosystem.
It could spur increased competition among exchanges, leading to better services and lower fees for users. Moreover, it might encourage other global players to consider expanding into the region, further boosting crypto adoption and innovation.
40% Increase In Investors: CEO Teng Confirmed
Just last month, Binance experienced a significant uptick in institutional and corporate investors joining its platform this year.
CEO Richard Teng disclosed a 40% increase in such investors throughout 2024. “Allocation into crypto by institutions is just at the tip of the iceberg,” Teng stated, indicating that the trend is only beginning.
He explained that many institutional investors are still conducting due diligence before fully committing to the crypto space. Teng, who took over as CEO in November 2023, said the surge in onboarding reflects a growing confidence among big money players towards cryptocurrencies, including Bitcoin and other digital assets.
Related: Binance Saw 40% Surge In Institutional, Corporate Investors :CEO Teng – | 99Bitcoins
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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