Crypto exchange Binance expands in Argentina
Crypto exchange Binance, which has been sued by U.S. regulators, said on Tuesday it is expanding services in inflation-hit Argentina, allowing users to buy and sell digital currencies directly with local pesos.
The move allows Argentines to transfer pesos into a Binance account via a local partner, which can then be used to purchase cryptocurrency. Until now, Binance had operated in Argentina only as an intermediary platform to match crypto buyers and sellers.
“This launch has to do with the public demand that exists here,” Maximiliano Hinz, director for Binance in the Southern Cone, told Reuters in a written statement on Tuesday, adding that Argentina was a key market for the exchange.
He said local users could transfer pesos to a Binance account and see their balance reflected there in local currency, which would then be usable to buy crypto.
The expansion in Argentina, where annual inflation above 100% has made cryptocurrencies more attractive despite their volatility and risk, comes as Binance faces regulatory scrutiny in the U.S. and elsewhere.
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