Cryptocurrency exchange Binance plans to expand its services in Argentina, which is facing inflation. Binance will provide customers with the ability to buy and sell digital assets in pesos without resorting to the services of an intermediary. Previously, the company only worked in the country as an intermediary.
According to Maximiliano Hinz, the company's South American representative, the Argentine market is of great importance to the stock exchange.
"This launch responds to existing public demand," he explained.
It seems that local interest in digital assets may be triggered by the country's rapid growth in inflation, which has exceeded 100 per cent this year.
The local Central Bank has warned of possible risks, but does not regulate cryptocurrency exchanges. Moreover, it has blocked cryptocurrency traders from accessing the single currency exchange market and buying US dollars at the official rate.
On March 27, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its CEO Changpeng Zhao. The CFTC accused them of unauthorised derivatives trading, offering services to US citizens and sanctioned individuals, and ignoring US law requirements. Zhao denied many of the allegations in the lawsuit, saying it was based on an "inaccurate statement of facts".
Analysts at analyst firm Glassnode said the lawsuit did not affect the number of users and did not undermine investors' faith in bitcoin.
