The cryptocurrency buying and selling platform Binance announced its official landing in Argentina. Its CEO and founder, Changpeng Zhao was in charge of confirming the launching your credit card in the country.
“Binance Card is now available in Argentina,” the Chinese-Canadian businessman, who is positioned among the 20 richest on the planet.
The card, which is characterized by the use of cryptocurrencies, can be used like any other in authorized stores, whether physical or virtual, that accept Mastercard. A previous step to use it is to have a registered account in the exchange.
The user can keep cryptocurrencies in the Binance virtual wallet and the platform does the conversion to FIAT money automaticallyindicated the site CryptoNews.
On the other hand, they point out that the plastic provides a refund in cryptocurrency Up to 8% BNB for each purchase made: “All refunds on eligible purchases are automatically deposited into your fund wallet, so all you have to worry about is spending your crypto.”
Since 2020 the exchange has offered this card in Europe, which allows Binance users to spend their crypto balance on more than 60 million merchants worldwide. In addition, the conversion to FIAT money is done automatically after each transaction made with the debit card.
However, Binance recognized that the decision to extend its plastic in other countries in the region does not depend purely and exclusively on them, but need business partners to allow operability.
“The card, whether you like it or not, is a regulated product. Obviously, that requires certain negotiations with external providers. We hope to be able to launch it at some point in Latin America”, they concluded from the exchange.
Binance receives an economic sanction in the Netherlands
The cryptocurrency trading platform Binance accepted the sanction of 3.3 million euros imposed by the Central Bank of the Netherlands, for having operated for almost two years without the corresponding permits in the country, and stated that it will continue to search for a way to operate in that European region.
“The decision marks a long-awaited development in our ongoing collaboration with the Dutch Central Bank,” Binance stated in a statement.
And he specified: “While we do not share the same opinion on all aspects of the decision, we deeply respect the authority and professionalism of Dutch regulators to enforce regulations as they see fit.”
In this regard, he indicated that “Binance has already reached an important milestone in meeting Dutch regulatory requirements by applying for registration as a cryptocurrency service provider, through a locally established entity, Binance Nederland BV.”
He also stressed that “this was a crucial step as Binance continues to mature and expand in Europe as a more traditionally regulated financial technology.”
“This is the result of Binance’s more proactive engagement strategy with global regulators, which has also driven recent approvals in stringent regulatory environments such as France, Italy, and Spain in recent months,” the company noted.