Crypto Exchange Binance Expanding Services in Inflation-Hit Argentina

Binance is expanding its services in Argentina providing crypto exchange opportunities

Binance, a crypto exchange that has been challenged by American regulators, announced on Tuesday that it is extending its services in inflation-stricken Argentina by enabling users to buy and sell virtual currencies using local pesos. With a local partner, the move enables Argentines to deposit pesos into a Binance account that can later be used to buy cryptocurrencies. As of right now, Binance has only been active in Argentina as a platform that connects buyers and sellers of cryptocurrencies. Inflation-hit Argentina country's inflation rate surpassed 100% in February. Since the hyperinflation of the early 1990s, this was the country in South America's first instance of such high inflation. The nation has been gripped by the economic crisis.

Binance expanding services in Argentina, there are no crypto-specific regulations in existence in Argentina. Nonetheless, the nation's central bank had previously issued numerous alerts regarding the dangers of cryptocurrency. Also, the nation's financial market regulator is in favor of a law that would create a registration of companies that offer Bitcoin services.

Meanwhile, US prosecutors are interested in Binance. A complaint has been filed against the exchange and its CEO, Changpeng Zhao, in the US for allegedly breaking "several" regulations. Zhao, however, criticized the case for having "an inadequate statement of facts" and called it "unexpected and regrettable."

Binance has lost certain financial partners necessary for the so-called on-ramp, and off-ramp transactions to fiat currencies as a result of increasing regulatory scrutiny. The last time Paysafe, which handled payments in sterling, pulled was in March.