Binance reveals that it has been incorporated into Argentina’s Virtual Asset Service Providers Registry by the country’s National Securities Commission (CNV), marking the digital asset exchange’s 20th regulatory milestone internationally and expanding its suite of crypto and blockchain / Web3 services to Argentina-based consumers.
This milestone is said to underscores Binance’s commitment to compliance as well as progressive regulations, aiming to enable the growth of the Web3 and crypto industry sustainably in Argentina and global digital asset markets.
Binance’s compliance initiative, which reportedly includes proper AML and CFT policies, user-friendly KYC processes, and a Financial Crime Compliance unit, confirms its focus on security, user protection, and close working relationship with law enforcement agenc,ies.
Binance noted in the announcement that they are looking forward to working with the National Securities Commission (CNV) of Argentina which incorporated Binance into the country’s Virtual Asset Service Providers Registry.
This development marks Binance’s 20th regulatory milestone.
The news follows their regulatory achievements in other regions like India, Kazakhstan, and Indonesia, confirming Binance’s global momentum and adding to other secured licenses, registrations, and authorizations in jurisdictions such as Dubai, France, Japan, El Salvador, and others.
Binance’s registration with the Argentine regulator is reportedly the result of their consistent commitment to compliance, in Argentina and worldwide, and to driving the growth of the crypto industry sustainably.
With this registration, Binance’s website and application become available to Argentina-based users, offering them with access to the crypto exchange’s suite of services and products.
According to Guilherme Nazar, Binance’s Head of Latin America, Argentina is a key market for Binance.
Key components of Binance’s compliance program include identity verification processes (Know Your Customer and Know Your Business, or KYC and KYB) and the Financial Crime Compliance (FCC) unit, designed to assist law enforcement in investigating crypto asset-related crimes.
It’s worth noting that Binance has been the target of numerous regulatory / enforcement actions over the years. In fact, regulators all over the world including Malaysia have cautioned earlier that Binance was neither a recognized nor an authorized operator and similar strict warnings have been issued to the crypto exchange by US regulators. Moreover, Binance has paid hefty penalties and had been forced to reach multi-billion dollar settlements with US authorities due to alleged non-compliance.
In addition to these significant operational challenges, former CEO of Binance and founder Changpeng Zhao was recently released from prison. CZ or Changpang Zhao is the wealthiest person in the crypto space with a net worth of around $50 to $60 billion. However, CZ has now been banned permanently from serving in any capacity for Binance.
While this move is mainly or probably done to satisfy global regulators, Changpeng Zhao still remains a major stakeholder in Binance. Crypto analysts also predict an upcoming surge in the Bitcoin and crypto markets following CZ’s release as he still has considerable influence over global blockchain and crypto markets.