Binance has been incorporated into the Argentinian Virtual Asset Service Provider (VASP) Registry of the National Securities Commission (CNV).
As a registered crypto exchange, Binance makes a new move towards regulatory compliance after years in a grey operational area and facing disputes with several financial watchdogs across the world.
A turbulent regulatory history
The news closely follows recent regulatory wins in diverse regions like India, Kazakhstan, and Indonesia, as Binance also previously added secured licenses, registrations, and authorizations in jurisdictions like Dubai, France, Japan, and El Salvador.
On the other hand, Binance faced tremendous backlash in many other jurisdictions, having recently been sued for making cryptoassets untraceable.
Last month, Binance registered in India after being served a $2.25 million fine and a $86 million tax payment order. The crypto exchange was also fined in Brazil over a derivatives ban. In the meantime, Binance’s issues in Nigeria have come to the attention of the US which has urged the African country to release its detained executive.
Binance is fully available to Argentine users
With the Argentine registration, Binance’s website and application are now fully available to Argentine users.
Despite its recent turbulent history, the company claims to ensure a robust compliance program that includes anti-money laundering (AML) policies and controls and a comprehensive framework to combat the financing of terrorism (CFT).
Key components of Binance’s compliance program are said to include robust identity verification processes (Know Your Customer and Know Your Business, or KYC and KYB) and the industry-leading Financial Crime Compliance (FCC) unit, designed to assist law enforcement in investigating crypto asset-related crimes and capacity building, thereby strengthening the collaborative security of the ecosystem.
Guilherme Nazar, Binance’s Head of Latin America, said: “At Binance, we support forward-looking regulation and believe that it is key to ensuring that the industry continues to evolve and that adoption occurs in a safe manner. As an industry leader with licenses and registrations in 20 jurisdictions worldwide, Binance is committed to the development of the crypto ecosystem globally and in Argentina, in compliance with local requirements.” He also noted: “Argentina is a key market for Binance. We will continue to work closely with the authorities to develop the industry in the most sustainable and secure way for the benefit of the crypto community and society as a whole.
“Binance’s commitment to security and regulation is a fundamental part of our strategy. We are convinced that in this way, we can contribute significantly to the development of the local and global industry, raising standards for the protection of users and creating a transparent and efficient financial environment.”
