Binance to expand its services in Argentina

The bitcoin exchange Binance is preparing to expand its services in inflation-hit Argentina. Reuters reports.

The platform will allow buying and selling digital assets directly through local pesos. Previously, Binance operated in the country solely as an intermediary.

The company’s representative in South America, Maximiliano Hinz, said that Argentina is a key market for the exchange.

“This launch is tied to the existing public demand here,” he added.

The demand for cryptocurrency among locals may have been driven by inflation, which this year surpassed 100%.

Argentina does not regulate cryptocurrency exchanges, but the central bank has repeatedly warned about the risks associated with them.

Earlier, the local central bank restricted crypto traders’ access to the unified foreign-exchange market and the ability to buy U.S. dollars at the official rate.

On March 27, CFTC filed a suit against Binance and its CEO Changpeng Zhao, accusing them of unregistered derivatives trading, providing services to U.S. citizens and to those under sanctions, and failing to comply with anti-money-laundering rules.

Zhao did not agree with the characterization of many of the charges, noting that the suit contains \”an incomplete account of the facts\”.

In the early hours of April 3, the prices of BNB and Bitcoin fell on rumors that Interpol had issued a red notice for the Binance CEO.

According to Glassnode analysts, the CFTC did not lead to a significant outflow of users from the platform and did not shake investors’ confidence in Bitcoin.