Min Lin, Latam regional vice president at Binance, referred to the intention of the institution to become regulated in Argentina after a specific law to license crypto brokers is approved. Lin stated the exchange is talking with regulators to introduce innovation in regulatory frameworks and prioritize user protection.
Binance to Seek Regulatory Compliance in Argentina
Min Lin, Latam regional vice president of Binance, recently referred to the upcoming decisions and actions the exchange will take in Argentina and Latam. Lin, who worked as an executive director of Goldman Sachs in Hong Kong for five years, reinforced the intention of complying with Argentine crypto laws when they’re finally enacted, in a recent interview given to Telam, an Argentine state news agency.
When asked about the stance of Binance on crypto regulation in Argentina and globally, Lin detailed:
We believe that for crypto adoption to progress, it is necessary and very important to be regulated and have clear regulations, to give users confidence that it is here to stay. In addition, banks operate with suppliers that are regulated. We intend to become regulated here in Argentina.
Furthermore, Lin stated that Binance regularly talks with regulators to introduce innovation into new frameworks without sacrificing user protection.
Argentina and Stablecoins
Lin also referred to the countries that boast the most cryptocurrency adoption in Latam from his perspective and delved into how most Argentines use crypto.
When asked about the significance that Argentina has for the overall crypto ecosystem in Latam, Lin declared:
For us, Argentina is very important, it is one of the top three countries, with Brazil and Mexico, with which we are working in Latin America.
He also explained that adoption was growing in Argentina and that Argentines used stablecoins — especially USDT — as a tool to protect their purchasing power.
Lin’s statements are consistent with the findings of Chainalysis’ 2023 Geography of Cryptocurrency Report, where the company found that users in Argentina and Venezuela leveraged crypto in “unique” ways to tackle their particular problems.
In Argentina, Chainalysis found that leveraging crypto as protection from inflation and devaluation was a common use case. Alfonso Martel Seward, head of compliance & AML at Lemon Cash, told the company that Argentines exchanged their paychecks for stablecoins such as UDST and USDC.
What do you think about the statements of Binance’s Latam VP Min Lin about Argentina and its stablecoin use? Tell us in the comments section below.