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Binance, the world’s largest cryptocurrency exchange, continues to expand its regulatory footprint. The exchange recently announced its 20th global approval as a Virtual Asset Service Provider (VASP). This license was granted by Argentina’s National Securities Commission (CNV). The exchange’s entry into Argentina with full regulatory approval is a testament to this strategy. Also, it positions itself as a trusted player in one of Latin America’s key crypto markets.
A Testament to Compliance Commitment
This 20th regulatory approval milestone highlights Binance’s strategic commitment to compliance as it navigates complex regulatory frameworks worldwide. The exchange has ensured it adheres to local laws and regulations in a sector known for its regulatory uncertainty.
The trading platform has proactively secured licenses in various countries, including Kazakhstan, Thailand, and UAE. This is to foster sustainable growth in the cryptocurrency industry. The exchange’s latest approval is part of its larger vision to operate in full regulatory compliance across all markets
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Meanwhile, Binance is adjusting its operations in response to local regulatory developments in Turkey. It is phasing out its Turkish language option and halting marketing campaigns. However, Binance’s website will remain accessible in the country. This ensures that Turkish users can still access core services while the exchange works to comply with evolving regulatory standards.
Strengthening Security Measures and Collaboration
With its expansion into Argentina, Binance has implemented a comprehensive compliance program. This program includes stringent anti-money laundering (AML) and counter-financing of terrorism (CFT) policies. This indicates the trading platform not only complies with local regulations but also sets a global benchmark for security.
A key component of this program is Binance’s Know-Your-Customer (KYC) process. This process enhances user verification to reduce fraud and protect against illicit activities. Moreover, Binance collaborates closely with law enforcement agencies, reinforcing its commitment to regulatory adherence and user protection.
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Argentina Embrace Crypto Amid Economic Turmoil
Argentina has become one of Latin America’s hotspots for cryptocurrency usage. This is driven by economic instability, inflation, and a rapidly depreciating national currency, the Argentine peso.
Over the past few years, the country has become a hub for cryptocurrency adoption in Latin America. This comes as individuals and businesses seek alternatives to the traditional financial system.
The government saw a need for a regulated framework for crypto exchanges operating in the country following the increased adoption of digital assets by citizens to safeguard their wealth. Its evolving regulatory framework has created a conducive environment for key industry players, including OKX, Paxos, Worldcoin, and many more.
