OKX releases crypto exchange services in Argentina.
Cryptocurrency exchange OKX has announced its expansion into Argentina as part of its continued strategy to target the Latin American market. The move follows its launch in Brazil at the end of 2023.
In a recent statement, OKX announced that Argentinian users will have access to OKX's crypto exchange platform, a self-managed wallet and the ability to trade non-fungible tokens (NFTs).
Argentina ranks 15th in the Chinalysis Global Crypto Adoption Index, a metric that evaluates on-chain and real-world data, leading crypto adoption. Meanwhile, Brazil is ranked 9th.
We are excited to announce the official launch of our exchange and Web3 Wallet in Argentina!
This global expansion is an important step in unlocking the potential of crypto throughout Latin America. Find more details here pic.twitter.com/W2GTfT4ynD
— OKX (@okx) February 7, 2024
The announcement comes nine months after rival crypto exchange Binance launched exchange services in Argentina.
In the year In April 2023, Maximiliano Hinz, Director of Binance in the Southern Cone, told Reuters that the decision to expand was due to the growing demand for crypto services in Argentina.
“This initiative is related to the public interest here,” Hinz said.
Meanwhile, OKX President Hong Fang emphasized that Argentina has seen significant progress in crypto adoption in recent times.
“We are excited to officially launch the latest expansion of our world-class exchange and web3 wallet in one of the most active crypto markets in Latin America.”
Fang went on to explain that Argentina is part of its expansion plans in Latin America.
“Crypto and blockchain prospects are expanding in Latin America, and Argentina represents a critical launching pad for our region's growth strategy,” Fang said.
This recently passed the December 2023 “Foundation for the Reconstruction of Argentina's Economy” decree, which will allow Argentine citizens to use Bitcoin and other cryptos to settle contracts in the country.
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Diana Mondino, Minister of Foreign Affairs, International Trade and Worship of Argentina, confirmed the news that “Argentine contracts can be settled in Bitcoin, and also any other crypto”.
Meanwhile, in October 2023, Cointelegraph reported that Latin America preferred centralized exchanges (CEXs) over decentralized exchanges (DEXs) compared to the rest of the world:
“Latin America shows the highest preference for central exchanges of any region we study and is less institutionalized than other regions.”
However, in May 2023, Argentina's central bank banned payment providers from offering crypto transactions to reduce the vulnerability of the country's payment system to digital assets.
The objective of the monetary authority is to make fintech companies subject to the same regulations as the usual financial institutions in Argentina.
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