Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is now available in Mexico. The exchange announced the launch of its Mexican peso (MXN) gateway today, allowing users to deposit and trade MXN against major cryptocurrencies.
According to the announcement, the Binance MXN gateway will initially support deposits and withdrawals for four digital assets – BTC, ETH, BNB, and XRP. Trading pairs with MXN include BTC/MXN, ETH/MXN, BNB/MXN, and XRP/MXN.
The move comes just days after Binance launched a similar gateway for the Argentine peso.
Binance first announced its plans to enter the Mexican market in June 2019. At the time, the exchange said it would offer zero-fee trading to users in Mexico as part of a promotional period.
It’s not clear if that promotion is still in effect.
NOTE: Warning: It is not currently legal to use Binance in Mexico. Mexican authorities have not yet approved the use of Binance or other cryptocurrency exchanges. Using Binance in Mexico may be considered an illegal activity and may result in criminal penalties.
The launch of the Binance MXN gateway comes as Mexico’s cryptocurrency industry is booming. The country is home to a number of leading exchanges, including Bitso and Volabit.
These exchanges have helped drive adoption of digital assets in Mexico, which has one of the world’s highest rates of cryptocurrency ownership.
According to a recent study by Arcane Research, 8% of Mexicans own cryptocurrency. That’s higher than any other country in Latin America and ahead of major economies like Japan (7%), the United States (6%), and South Korea (5%).
With its launch in Mexico, Binance is well-positioned to capitalize on this growing market. The exchange has already established a strong presence in Latin America with gateways in Argentina and Brazil.
It also has plans to launch a fiat-to-crypto exchange in Uruguay later this year.
Yes, Binance is available in Mexico as of today’s date.
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