Binance Plans For New Base in Argentina

Changpeng Zhao, the CEO of cryptocurrency exchange Binance, said that there might be new cryptocurrency projects coming up in Argentina. This move towards establishing a base in Argentina is due to the country’s recent enthusiasm for the cryptocurrency, and its market will, therefore, be ready to welcome Binance.

The cryptocurrency exchange CEO hinted at the creation of a new fiat-to-crypto exchange. Having previously held meetings in Córdoba and Buenos Aires, Binance has now decided that Buenos Aires will be the regional hub for this year’s Latin America Binance Labs Incubation Program.

Though there were no official statements made by the company, Changpeng Zhao in a tweet hinted that they are all ready to set up their base in Argentina. This tweet was a reply to an article present in a crypto news website which questioned agreement between the Argentine government and Binance Labs to co-invest in blockchain projects supported by the exchange, the investment of the exchange and the social impact arm.

The cryptocurrency exchange Binance has also received support for their efforts from the Argentine government, specifically from their Ministry of Production and Labor, which will provide up to $ 50,000 for every project in which Binance labs or LatamEx invests. This effort has been taken by the Argentinian government to encourage even more blockchain growth in the country.

In a statement the Head of Binance Labs, Ella Zhang said :

“At Binance Labs, our mission is to realize the full potential of blockchain technologies. To this end, through our Buenos Aires chapter, we are very excited to support blockchain projects, entrepreneurs and developers, advise and mentor them, find a product-market fit and provide them within – time access to global blockchain technology development to solve local problems.”

When asked about Argentina and its acceptance of cryptocurrencies Ella Zhang said,

“Argentina is at the forefront of blockchain adoption, and during our trip there we witnessed how it becomes home to some very passionate blockchain communities.”

Recent reports have also found that Binance has planned to lunch fiat-to-crypto exchanges in eight more countries. When asked to comment the spokesperson of the cryptocurrency exchange Binance refused to confirm six of the alleged sites, only confirming Singapore and Malta plans.

It is to be noted that during the previous week Binance faced a lot of criticism for delisting a few altcoins from its cryptocurrency trading platform. One of the reasons Binance deduced these coins was that they did not meet the standards of the exchange. The CEO said he wanted to clear the air regarding the delisting of Substratum, Salt, Wings, CloakCoin, Modum, and other coins.

Zhao also asked people to check a project’s criteria to stay listed. He added that there were many reasons to be considered before a project is removed, and one of them was to check whether or not the project had created a  new product years after the ICO.

With all this revolving around Binance, the news of It starting a new base in Argentina is going to help the exchange increase its customer base. This acceptance by the Argentine government of Binance further makes it clear that if a country decides to put its weight behind cryptocurrency and create a welcoming environment, more and more companies will enter and more opportunities can be created.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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