Binance will create a team to serve the Mexican cryptocurrency market

Mexico is a key piece for Binance, the largest cryptocurrency exchange platform in the world. In this context, Matt Shroder, its global vice president and regional manager in charge of part of its international expansion, revealed that the firm will create a particular team to meet the needs of the Mexican market.

In an interview, Shroder highlighted that currently Binance It has Mexican clients but they operate through its international platform, so the intention is to offer the local market an experience adapted to the country’s needs in terms of cryptocurrencies.

“We have Mexican clients who have registered on our international platform. In order to offer a better experience, we are creating a local team that specifically caters to the Mexican market and the needs of our users,” explained the manager.

Binance It is the largest cryptocurrency exchange in the world, by volume of operations, and since 2017 it offers its services in different parts of the world. Currently, it has 120 million users in 180 countries and its venture capital arm, Binance Labsmanages assets close to 7,500 million dollars.

In this scenario, Shroder denied disclosing figures on how much the Mexican market currently represents for Binance; however, he highlighted that Mexico is one of the priorities for the firm in the Latin American region.

Since a year ago, Binance confirmed to this medium that he saw Mexico with a potential to boost the ecosystem of cryptocurrencies; however, with the current legislation, its model had barriers in the country, since currently financial institutions cannot coexist with these instruments or at least cannot offer them to the general public.

Shroder pointed out that Binance has a total commitment to regulation in the sector and seeks to adhere to the regulations. “Regulation is the only way for the cryptocurrency industry to grow into mainstream, widespread use… Our goal is always to protect users, and working with regulators is how we continue to drive that message.” “.

Sources commented that Binance has analyzed the regulatory path in Mexico for months, has even sought the path of Ley Fintechwith the creation or purchase of an Institution of Electronic Payment Funds, as long as Mexican pesos can be related to cryptocurrencies, something that the Mexican unicorn Bitso was able to achieve with a regulatory strategy.

Likewise, the sources commented that there have been meetings of the Binance team with officials of the National Banking and Securities Commission (CNBV), the Federal Economic Competition Commission and the Bank of Mexico itself.

Shroder declined to comment on specific meetings, but indicated that the firm is always open to dialogue and tries to get involved in every way possible, about education and benefits that cryptocurrencies and blockchain can play in people’s daily lives.

Strengthen strategy with former CNBV

Recently, Binance reported that Adalberto Palma Gómez, former president of the CNBV, would be part of its new Global Advisory Council of Advisors, along with different personalities from the financial ecosystem, and which has the purpose of advising the exchange on regulatory, political and challenges facing the cryptocurrency industry.

“As the market grows and adoption broadens, the Global Advisory Council of Binance It will help not only the platform, but also the entire industry to evolve so that its future is sustainable and safe for societies,” said the manager.

Shroder highlighted Palma Gómez’s more than 30 years of experience in the financial sector, which will serve to contribute ideas on how cryptocurrencies, and the entire blockchain ecosystem, can benefit society with more democratic and accessible benefits for all.

Expand capabilities

The world’s largest exchange has been singled out more than once for issues of money laundering prevention, or even cybersecurity. Despite this, Shroder defended the company’s commitment to having the highest standards in this regard, because only in this way, he affirms, will the safe and sustainable growth of the global ecosystem of cryptocurrencies be guaranteed.

“Binance has one of the strictest anti-money laundering and terrorist financing policies in the fintech industry and plays an important leadership role in helping authorities combat cybercrime, financial crime, and terrorist financing.” terrorism,” Shroder points out.

According to the director of Binancethe firm has carried out more than 30 training sessions and workshops with federal authorities and prosecutors around the world, such as Brazil, Argentina, Canada and several countries in Europe and Asia.

Shroder also noted that Binance It has obtained various specific licenses for cryptocurrencies, with approvals and registrations in countries such as France, Italy and Spain, which have the most robust anti-money laundering controls in the world.

“Binance It is one of the few cryptocurrency companies to achieve this within the G7 countries.”

So far, that was all Shroder wanted to say about his plans for Mexico; However, different sources point out that soon the cryptocurrency giant will land his intentions in Mexico, of course, if he manages to get the regulators to be more open about it.

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