Binance hires former Bitso to lead its landing in Mexico

After confirming your intention to create a local team on Mexico to meet the needs of the national market, Binancethe largest cryptocurrency platform in the world, began to take its first steps and has added Frida Vargas to its ranks, who will lead the landing of the firm in the country.

A few days ago, Vargas made it official that she was appointed general manager of Binance in Mexico, so now she will be in charge of implementing a local office in the country of the largest crypto exchange in the world, by volume of operations.

“I have joined Binance as their country manager in Mexico. As you all know, I am a true believer in the transformative power of crypto and the way we interact with these new technologies. My mission now will be to enable Mexicans to participate and Take advantage of cryptographic products and services in a simple and accessible way,” Vargas described on his social networks.

Vargas was since January 2021, head of business development at Name, the largest crypto exchange of Mexican origin in Latin America, which serves six million users throughout the region. However, in June 2022, in a wave of layoffs within the firm, the now Binance director had to leave the Mexican company.

The appointment of Vargas as its general manager of Binance Mexico, comes after the firm confirmed to this medium part of its strategy to fully meet the needs of the Mexican market.

“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,” he explained a few weeks ago to this medium. Matt Shroderglobal vice president and regional manager of Binance.

Binance 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.

For several months, the Binance team has been meeting with officials from the National Banking and Securities Commission, the Federal Economic Competition Commission and the Bank of Mexico, in order to learn in detail about the regulatory scenario in Mexico and learn what is the strategy you must take to land in the country.

In Mexico, the Fintech Law, published in March 2018, empowered Banxico to issue secondary provisions regarding virtual assets, for which the central bank limited itself to establishing that financial entities cannot offer these instruments to the general public and its technology may only be used for internal operations.

This could be a limitation for Binance, since, according to what was collected by this means, said platform would seek that cryptocurrency operations could have greater interaction with the regulated financial system, especially with banks.

In this scenario, the firm has explored several options, including acquiring or forming a regulated financial company, such as an Electronic Payment Funds Institution, which is regulated under the Fintech Law.

Recently Changpeng Zhao, founder and CEO of Binance, informed international media that the possibility of this firm buying banks is being analyzed, so that the world of cryptocurrencies has greater interaction with that of traditional finance.

The possibility of HOPE

After Shroder’s statements to this medium, Binance opened the possibility of funding the accounts of Mexicans registered on the platform with pesos, through the Interbank Electronic Payment System (SPEI), operated by Banxico.

The signing of Vargas adds to the incorporation of Adalberto Palma Gómez, former president of the National Banking and Securities Commission, to the Binance Global Advisory Council, made up of different personalities from the financial ecosystem and which has the purpose of advising the exchange on issues regulatory, political and social issues facing the cryptocurrency industry.