Binance, the largest centralized centralized crypto exchange (CEX) through market capitalization, expands its operations in Mexico by launching a new local creature and a fresh investment commitment.
Binance announced the launch of the entity based in New Mexico, Medá, in a statement shared with Cointelegraph on Monday.
Medá is registered as an electronic payment funds institution (IFPE) and operate as an independent division dedicated to advancing FinTech services for Binance Throughout Latin America.
“With a planned investment of more than one billion Mexican pesos ($ 53 million) over the next four years, Binance aims to expand access to innovative, friendly digital services by this vertical, creating a positive impact on the Mexico population,” Binance said.
Focused on operational autonomy
Binance emphasized that Mexican financial authorities have regulated a new Latin American creature as an IFPE to facilitate deposits and withdraw from Mexico’s pesos.
“It is managed and operated by an independent team, ensuring operational autonomy,” says the company, added:
“This freedom will set a new benchmark in Mexico by implementing the best skill that promotes healthy and sustainable development between the traditional financial sector and the Virtual Assets ecosystem.”
Guilherme Nazar, vice president of the Binance region for Latin America, said Medá aims to become a major local rival on platforms that activate transactions on Mexico’s pesos. He emphasized that Mexico is a major market for Binance with a population of over 125 million.
“Recognized that increasing competition benefits, Medá will provide Mexico’s population with access to higher quality financial technology services at a more affordable cost,” he said.
Binance holds approved in 23 constituents
The expansion of Binance in Mexico is in line with the broader approach to international compliance. The exchange has said it now Holding Licenses, registrations and other permissions throughout 23 jurisdictions worldwide.
One of those subjects included France, where Binance’s local creature, Binance France, was required by the financial market authority to re -arrange its ownership. In May 2024, Binance France has assigned new shareholders To meet the requirements of the regulator.
Related: Latin America’s flow has grown nine times in three years: Dune
Among the other aforementioned jurisdictions, Binance mentioned Italy, Spain, Dubai, Japan, Brazil and Argentina.
According to the data from the Data Analytics of Data Galaweb, Brazil is one of the largest markets For the Binance website, with the country ranking the fourth largest market through visits with about 5%. Other top countries include South Korea, Ukraine, Vietnam and Turkey.
Cointelegraph approached Binance for a comment on Medá but did not receive a response at the time of publication.
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