Binance CEO Hints at Having New Fiat-to-Crypto Exchange in Argentina

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by Julia Sakovich · 3 min read
Binance CEO Hints at Having New Fiat-to-Crypto Exchange in Argentina
Photo: Pixabay

Binance is going to expand its wide geography entering Argentina. A new exchange will offer fiat-to-crypto trading services.

As it has become known, prominent cryptocurrency exchange Binance is planning to further expand its geography and enter a new market. According to the company’s CEO Changpeng Zhao, who is better known among the crypto community as CZ, the exchange’s services will be soon offered to residents of Argentina.

Though there is no official statement from Binance, the news has been disclosed by CZ on his Twitter account. He hinted that the new exchange would be launched in Argentina in his post that was a reaction to an article about Binance’s activity in this country.

The article reads that the country’s government positively welcomes Binance Labs’ initiatives as part of the blockchain revolution in Argentina. The country’s Ministry of Production and Labour’s Accelerator Program presupposes a grant of $50,000 for every project Binance Labs invested in.

A very important detail about the new platform that was highlighted by CZ is that it will provide fiat-to-crypto trading services.

Why Argentina

Currently, the South American country is deeply interested in crypto-related and blockchain projects. That’s why Binance has chosen just the right time to arrive. Now Argentina already has approximately 260 merchants that have all the necessary tools and infrastructure to accept payments in cryptocurrencies.

Nevertheless, it’s too early to say that the whole country is embraced with crypto as 190 of 260 crypto-friendly shops are located in Buenos Aries. Moreover, Argentina can boast eight Bitcoin ATMs.

Binance Labs is going to organize a 10-week incubator program in the country’s capital. The program is targeted at start-ups working in the blockchain space.

It is expected that the launch of a new-brand fiat-to-cryptocurrency exchange operated by Binance will become a milestone in the development of the South American markets that at the moment have a rather poor financial infrastructure.

It’s not the first step made by Binance, which is one of the largest cryptocurrency exchange by means of traded volumes, in support of financial inclusion. Last year in October, the fiat-to-crypto exchange was launched by Binance in Uganda which was an important event for the local financial market.

8-Hour Scheduled Maintenance

Speaking about Binance, it’s also worth mentioning that tomorrow, on March 12, it will enter into scheduled maintenance. As it was officially stated, during the maintenance deposits, withdrawals, as well as trading will be suspended. It is noted that if some deposits are not completed by the time of the upgrade start, they will be processed after the end of the process.

Though it is said that the upgrade will take about 8 hours, this length may vary in reality. At the moment, there is no precise information about the features and functions that are to be upgraded. Nevertheless, regardless of their specificity, there are some concerns that whales may use this upgrade as an opportunity to manipulate Bitcoin price.

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