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A global crypto giant has registered with the Argentine market regulator to be able to fully operate in the country - Infobae
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Un gigante cripto global se registró ante el regulador del mercado argentino para poder operar plenamente en el país
El exchange de criptomonedas Binance fue incorporado al Registro de Proveedores de Servicios de Activos Virtuales (PSAV) de la Comisión Nacional de Valores (CNV) de Argentina. Es parte de un giro en dirección a funcionar como un actor regulado a nivel global
www.infobae.com
October 02, 2024
Cryptocurrency exchange Binance has been incorporated into the Registry of Virtual Asset Service Providers (PSAV) of the National Securities Commission (CNV) of Argentina. It is part of a shift towards functioning as a regulated player at a global level.
It is the 20th market in which the exchange now operates as a regulated player.
The world’s largest cryptocurrency exchange by trading volume, Binance , took a major step in its global expansion by obtaining regulatory approval in Argentina . The company was registered in the Registry of Virtual Asset Service Providers (PSAV) of the National Securities Commission (CNV) , allowing it to offer its services to users in the country in a completely legal manner.
Official sources from the CNV confirmed to Infobae that the registration is active under the number 06141508221040. Binance is among the 82 legal entities that have already been incorporated into the registry , and is one of the 15 companies of foreign origin that obtained regulatory approval to operate in the country. This registration grants the company the ability to offer local users access to its mobile application and web platform, as well as to the full range of services that the company provides globally.
With this registration, Binance reached its twentieth regulatory milestone worldwide, an achievement that adds to the approvals in regions such as Kazakhstan , India , Dubai , Indonesia , France , Japan , and El Salvador . The registration in Argentina shows the company's new strategy with compliance with local and global regulations, in a crypto ecosystem that has as one of its main objectives the avoidance of control by state agencies.
Guilherme Nazar , Binance 's regional vice president for Latin America, highlighted the importance of this new achievement for the company, noting that Argentina is a key market for the expansion of the crypto industry. “We will continue to work closely with the authorities to develop the industry in the most sustainable and secure way for the benefit of the crypto community and society in general,” Nazar said in a statement.
In line with international standards, Binance has claimed to have implemented a robust compliance program to ensure the security of its operations. This program includes strict anti-money laundering (AML) policies and countering the financing of terrorism (CFT) measures. These regulations are part of a comprehensive framework that also includes identity verification processes (KYC and KYB) and collaboration with authorities to investigate crimes related to crypto assets.
Binance 's compliance program is designed to ensure that operations on its platform are safe and transparent. The company has a Financial Crimes Compliance (FCC) unit , which works hand in hand with law enforcement agencies from different countries to combat cryptocurrency-related crimes. This approach helps strengthen the security of the crypto ecosystem and protect users from potential threats.
In addition to security and compliance controls, Binance offers a global platform of services that goes beyond the simple exchange of cryptocurrencies. Among the services that the company makes available to users in Argentina are the possibility of buying and selling digital assets, participating in financial products based on cryptocurrencies, and using tools for staking and trading. All of this with full access through its mobile application and website.
This move into the Argentine market follows a series of recent achievements for Binance in other parts of the world. The exchange has already pursued and secured regulatory approvals in countries such as Kazakhstan , where it obtained a license to operate as a trading platform, broker, and custodian of digital assets. Binance ’s growth in markets such as Central Asia reflects its global expansion strategy, which seeks to consolidate its position in emerging markets and ensure regulatory compliance in each region where it operates.
In Argentina , the cryptocurrency market has experienced sustained growth in recent years, driven in part by inflation and citizens' search for investment and savings alternatives. With its registration with the PSAV , Binance joins other crypto platforms already operating in the country, consolidating its presence in a market that is seen as strategic by the company.
Binance 's registration in Argentina was confirmed in September 2024, at which time the company began offering its full suite of products and services to local users. This addition to the list of virtual asset service providers is subject to the controls of the Financial Information Unit (UIF) , as part of local regulations seeking to regulate activities related to crypto assets.
Argentina is now the 20th market in which Binance has been approved to legally operate, reinforcing its status as one of the leading players in the global cryptocurrency space. The company noted that it will continue to work to comply with regulatory requirements in each country where it seeks to expand.
Binance was one of the most active players in driving cryptocurrency adoption in Latin America, a region that saw rapid growth in demand for these assets. In countries like Argentina , where economic fluctuations and currency restrictions led citizens to seek financial alternatives, cryptocurrencies gained ground as a viable option to protect asset value and access global markets .
