Crypto exchange Binance has announced that its users in Argentina can now convert the local currency directly into crypto assets. This move marks the latest expansion of the exchange’s offering in South America, a continent that has proven to be very receptive to cryptocurrencies.
The announcement on April 4 states that Binance’s Argentinian branch will enable users to convert pesos into cryptocurrencies on the platform through a local company partner. The director of Binance for Latam Cono Sur, Maximiliano Hinz, expressed his enthusiasm for the new service, describing it as a reflection of the exchange’s commitment to prioritizing the needs of its clients.
Binance has been under the microscope of US regulators and faced a lot of chatter online. Still, the exchange has not missed a beat in its global expansion, including Latin America. It recently reentered the Japanese and South Korean markets through acquisitions of Sakura and Gopax, respectively.
Argentina has been particularly receptive to digital assets due to its high inflation rate of over 102%, making cryptocurrencies increasingly appealing despite their relative volatility. Since last summer, local authorities have also proven crypto-friendly, with Mendoza province allowing residents to pay their taxes in digital currencies.
South America’s crypto ecosystem on the rise
While cryptocurrency news from other parts of the world has been mixed or negative, South America tells a different tale. El Salvador has embraced Bitcoin as a legal tender, even buying the cryptocurrency through the worst of the “crypto winter.” Cryptocurrency companies have shown a keenness to work on the continent, with Brazil becoming a hotspot for innovation.
Homegrown digital assets firms are thriving despite the pressure the industry’s faced since the start of 2022. Buffett-backed Brazilian neo bank Numbank attracted nearly 2 million users to digital assets mere months after launching its service. Meanwhile, Argentinian exchange Ripio crossed borders, bringing its service to the US.