After exiting the African nation Nigeria over the arrest of its executive, crypto platform Binance has found a new breeding ground in the Latin American country Argentina. According to the official statement by the crypto exchange, Binance will provide a complete suite of services to Argentina-based crypto users after registering with the country’s National Securities Commission.
The registration came just at the right time for Binance, who was forced to leave Nigeria in the wake of the arrest of its American executive. Registering with Argentina’s Virtual Asset Service Providers Registry shows compliance to exhibit its secure and sustainable global crypto growth.
Binance Records 20th Global Regulatory Approval
The Binance statement said that this is Binance’s 20th regulatory approval globally. It further stated that the crypto exchange continues to comply with laws, acting responsibly to expand its digital asset services legally.
The latest registration with Argentinean authorities indicates that Binance is looking to comply with local legislation to run its operations smoothly without legal troubles. It will add another layer of trust and confidence in the minds of Binance users in Argentina and other countries. It means big for Binance as many crypto projects lost their direction after getting scuffled in legal battles with legal authorities and watchdogs over the past few years. Binance, Ripple, Toncoin, FTX are some of the leading examples.
It also means big for Binance users, who can now easily buy, sell, and earn cryptos, besides engaging in other activities available at the Binance exchange. Binance’s entry into the Latin American region means huge for the region, which has been showing consistent rising interest in cryptocurrencies for the past many years.
The progression into the Latin American region is consistent and in line with Binance’s plans to expand its wings globally after recently getting approval to operate in Kazakhstan.
How a More Compliant Binance is in the Best Interest of the Crypto Community
Binance is one of the leading crypto exchanges in the world. According to a recent report by Social Capital Markets, Binance has more than 200 million registered users by the end of the first half of 2024. Binance kicked off an inspiring journey in 2017 and looked promising to become a crypto juggernaut by reaching 1.5 million users in a short span. However, its growth trajectory suffered a major setback due to tax offences and money laundering cases in countries like India. The arrest of its American executive in Nigeria earlier this year further dented its growth potential, but it seems to have regained the momentum in recent weeks.
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A more compliant Binance best suits the crypto community, as it will give their crypto investments legal cover. One of the leading crypto exchanges is aiming for further growth with several compliance regulations that are at par with international standards. Binance’s recent development of strict and stringent AML/CFT has further added to its reputation and authenticity.
Binance Rolls Out KYC and KYB Measures
Recently, Binance rolled out initiatives such as Know Your Customer (KYC) and Know Your Business (KYB) in a bid to verify its users and business entities. These initiatives add to the reliability of Binance as a crypto exchange. Moreover, its Financial Crime Compliance (FCC) department stays connected with local police officials to keep a lid on crypto-related crimes and offences. On the one hand, it allows Binance to comply with the local authorities, while on the other, it safeguards the interests of its users and clients.
What’s Next for Binance After Argentina Venture?
Binance is currently looking to expand globally and be more compliant with the financial regulators and authorities in the countries it operates. As it expands into Latin America and Asia with entry into Argentina and Kazakhstan, Binance looks all set to continue expanding its wings globally as a reliable crypto partner.
By achieving a Digital Asset Trading License in Kazakhstan, Binance is now in a position to run operations as a trading facility, custody, and broker-dealer in the central Asian country. This is the first-of-its-kind achievement for Binance in Kazakhstan, as many other crypto exchanges are likely to follow the suit.
The Final Word
As Binance continues to register with authorities in many countries, it will increase the standard of user security and better compliance with local laws and regulations. Despite a disturbing exit from Nigeria, Binance looks in great shape to expand globally after getting licenses to operate in countries like Argentina and Kazakhstan.
For more updates on Binance’s global expansion and improved compliance with financial regulations in different countries, stay tuned to The BIT Journal. Follow us on Twitter and LinkedIn, and join our Telegram channel to be instantly informed about breaking news!
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