Coinbase Secures License to Open in Argentina

Coinbase received a Virtual Asset Services Provider license in Argentina, allowing it to offer crypto services legally in the country. Binance received this same license last October.

To this end, the exchange will likely focus on community outreach and local business networks rather than long-term goals of expanding across Latin America.

Coinbase to Enter Argentina

Coinbase, one of the world’s leading crypto exchanges, has been working to build its reputation for global regulatory compliance. The firm delisted Tether in the EU and announced it would do so in the US if required.

Also, the exchange made progress in the SEC lawsuit and is expecting a positive outcome. With today’s announcement, it’s evident that Coinbase is looking to expand its operations to more countries.

“Economic freedom is a cornerstone of prosperity, and we are proud to bring secure, transparent, and reliable crypto services to Argentina. For many Argentinians, crypto isn’t just an investment, it’s a necessity for regaining control over their financial futures,” said Fabio Plein, Director for the Americas at Coinbase.

Argentina is one of the leading regions in South America in terms of crypto adoption, making it an attractive destination for Coinbase. Its President, Javier Milei, has planned to embrace Bitcoin payments this year, mirroring Coinbase CEO Brian Armstrong’s own beliefs.

Also, the exchange cited strong public support for crypto and widespread daily use as core reasons for expanding to the nation.

Additionally, Binance, one of Coinbase’s main rivals, received the exact same license in Argentina last October. Therefore, Coinbase will have to actively work to overcome Binance’s first-mover advantage in this market.

To that end, the exchange tapped local entrepreneur Matías Alberti to head the project, leveraging his existing business connections.

“Argentina is beginning to open up to the world and little by little we will stop being so isolated from everything. I don’t know what the implications are in real terms, but I think it’s excellent news that companies are encouraged to set foot in Argentina after so many years of excessive regulations,” worte Rojan Ron, a popular crypto influencer in Argentina.

Coinbase stated that it’s adopting several strategies to attract popular interest in Argentina. It will obviously maintain its standards for security and consumer protection but will also launch local education initiatives.

These initiatives will help ordinary Argentinians build the background and confidence to pursue opportunities in this chaotic industry.

Ultimately, the exchange seems to be keeping its long-term goals fairly local. Neither the exchange’s press release nor social media comments have suggested plans for regional expansion. Argentina has a strong crypto community, and Coinbase will focus on excelling there.