Market
Binance Secures Registration in Argentina
BeInCrypto comprehensive Latam Crypto Roundup brings Latin America’s most important news and trends. With reporters in Brazil, Mexico, Argentina, and more, we cover the latest updates and insights from the region’s crypto scene.
This week’s roundup features Binance’s VASP registration in Argentina, Ripple’s expansion into Brazil, and other major developments.
Binance Secures VASP Registration in Argentina
Binance, one of the largest cryptocurrency platforms globally, has reached a major milestone in Argentina by registering as a Virtual Asset Service Provider (VASP) with the country’s National Securities Commission (CNV). This registration strengthens Binance’s commitment to adhering to regulatory frameworks, not only in Argentina but around the world.
Argentina becomes the 20th country where Binance has secured a license or regulatory registration, following the company’s recent progress in key jurisdictions like India, Kazakhstan, and Indonesia. Binance has already established a presence in other major markets, having secured licenses in Dubai, France, Japan, and El Salvador, which continues to solidify its global footprint.
With this VASP registration, Argentine users can now fully access Binance’s suite of services and tools through both its website and mobile app. This move will make it easier for local users to engage in the cryptocurrency ecosystem, offering them the security of a platform that upholds the highest standards of compliance and protection.
“Argentina is a key market for Binance. We will continue to work closely with the local authorities to develop the industry in the safest and most sustainable way possible. This is for the benefit of the crypto community and society in general,” said Guilherme Nazar, Binance’s director for Latin America.
Read more: How To Trade Crypto on Binance Futures: Everything You Need To Know
Nazar also highlighted Binance’s belief in proactive regulation as essential for the orderly and safe evolution of the cryptocurrency industry, a principle that is central to the company’s ongoing global expansion efforts. This regulatory breakthrough further demonstrates Binance’s commitment to creating a secure, compliant environment for its users while advancing the development of the global cryptocurrency market.
Ripple Expands in Brazil Through Partnership with Mercado Bitcoin
Ripple has launched Ripple Payments in Brazil through a partnership with local exchange Mercado Bitcoin. This collaboration will allow businesses to explore cross-border payments using Ripple’s end-to-end blockchain-based payment solution.
Mercado Bitcoin, the first in Latin America to use Ripple’s solution, will enhance its internal treasury between Brazil and Portugal and offer international payments for retail customers. These customers will be able to make payments in reais via a non-resident account, with funds transferred globally 24/7 and settled within minutes.
“Ripple Payments offers capabilities that are important to crypto businesses, enabling them to streamline operations, optimize liquidity, and improve margins through real-time payment settlement. We are delighted to partner with Mercado Bitcoin, a crypto market leader with more than a decade of experience in providing tokenized services to Brazil,” said Silvio Pegado, CEO of Ripple in Latin America.
Read more: XRP ETF Explained: What It Is and How It Works
Ripple Payments will focus on small and medium-sized enterprises, providing optimized onboarding, global access to over 80 payment markets, and 24/7 liquidity. Jordan Abud, Head of Banking at Mercado Bitcoin, added, “The partnership allows Bitcoin Market to take another step towards internationalization…offering lower costs and a more complete platform.”
Ripple Payments currently covers 80 payment markets, with 90% coverage of the FX market and more than $50 billion in processed volume. For now, the service is available to Mercado Bitcoin customers in Brazil and Portugal.
IMF Urges El Salvador to Limit Public Sector Exposure to Bitcoin
The International Monetary Fund (IMF) has once again urged El Salvador to limit its public sector exposure to Bitcoin and to strengthen oversight of its regulatory framework. Despite the country’s notable 3% GDP growth in 2024, the IMF continues to express concerns about the risks posed by cryptocurrency volatility.
Since El Salvador made Bitcoin legal tender, the IMF has conducted several assessments, maintaining that the risks associated with Bitcoin’s price swings remain significant. While the IMF has adopted a more moderate stance compared to earlier years, it still insists on stricter regulations to ensure economic stability.
“We have recommended reducing the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin,” said Julie Kozack, IMF communications director, quoted by Reuters.
Read more: Who Owns the Most Bitcoin in 2024?
President Nayib Bukele, currently on an official visit to Argentina, remains a strong advocate for Bitcoin, though he acknowledges that adoption rates in El Salvador have fallen short of his expectations. He expressed a desire for greater acceptance among Salvadorans but emphasized that adopting the cryptocurrency has been a free choice for citizens.
Despite the IMF’s warnings, El Salvador continues to purchase Bitcoin through its Dollar Cost Averaging (DCA) strategy. To date, the government has accumulated 5,892.76 BTC, valued at approximately $360.97 million.
Nubank to Reduce Crypto Transaction Fees
On October 2, Brazil’s Nubank Cripto announced plans to lower the fees for cryptocurrency transactions in its app, with the changes set to roll out gradually through October and November. Under the new system, transaction fees will be based on the volume of customer trades, with potential reductions of up to 60%.
According to Nubank, the fee for buying and selling cryptocurrencies could drop to as low as 0.6% per transaction. Customers will have a 45-day cycle to accumulate transactions, after which the fee will be adjusted according to their trading volume. The new system improves upon the previous average rate of 1.6%, which had already decreased to 0.8% between March and September 2024.
The volume tiers Nubank will use to determine fees are as follows:
- Between 0 and 99 reais
- 100 to 1,999 reais
- 2,000 to 9,999 reais
- More than 10,000 reais
Read more: Crypto vs. Banking: Which Is a Smarter Choice?
This fee structure rewards high-volume traders with lower transaction costs, a common practice in the crypto industry, known as “transaction tiers.” Major platforms like Binance also use a similar model. Nubank Cripto expects all customers to access the new system, though the implementation will be gradual.
Transaction fees, essential for on-chain processes, incentivize miners or nodes to validate transactions. While networks like Ethereum have struggled with high fees for years, Nubank Cripto’s new system aims to offer a more user-friendly experience for its customers.
As the Latam crypto scene grows, these stories highlight the region’s increasing influence in the global market. Stay tuned for more updates and insights in next week’s roundup.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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