Binance Expands Crypto Services In Argentina

Binance, the highest-volume exchange in the crypto markets, has decided to expand its crypto services in Argentina. Binance, which provides peer-to-peer crypto trading service in Argentina, which is struggling with high inflation, is now expanding its operation in the country. According to the latest decision, the crypto exchange will start its clearing service in Argentina and start trading with the local currency peso.

Inflation, which has become an important problem throughout the world, continues to harm the country’s economy, especially since it exceeded 100% in February in Argentina. The people of Argentina continue to suffer from economic difficulties due to the depreciation of their local currency, while accusing the government of failing in inflation.

While the government has also struggled to prevent the peso from depreciating by imposing tight restrictions on the forex market, Argentines have recently stepped up to the crypto sector to protect their savings. According to data from analytics firm Chainalysis, Argentina was among the top 15 countries in the category of cryptocurrency adoption in 2022.

Binance, which maintains its title as the largest exchange in the crypto market, has experienced decreases in its market share after the developments in the last days. In particular, the US Commodity Futures Trading Commission suing Binance for multiple crimes, and then filing a lawsuit against the cryptocurrency exchange and its CEO Changpeng Zhao, made the markets nervous. While exits from the stock market were observed after this negative development, it was also emphasized that the termination of commission-free Bitcoin trading, which has been implemented on the platform since the summer period, played an important role in the decrease in the transaction volume.