Hassan Maishera
TL;DR
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Binance has launched Medá to expand its operations in Mexico.
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The crypto exchange plans to invest $53 million in the firm over the next few years.
Binance Launches Medá to Expand its Services in Latin America
Binance, the world’s largest cryptocurrency exchange by daily trading volume, has announced the expansion of its services in Mexico with the launch of a new local entity.
According to the crypto exchange, Medá is its new Mexico-based entity. Medá is registered as an Electronic Payment Funds Institution (IFPE) and will operate as an independent division. The firm will focus on advancing fintech services for Binance throughout Latin America.
In a statement shared with Cointelegraph, Binance said,
“With a planned investment exceeding one billion Mexican pesos ($53 million) over the next four years, Binance aims to expand access to innovative, user-friendly digital services through this vertical, creating a positive impact on the Mexican population.”
The cryptocurrency exchange stated that its new unit is subject to regulatory supervision by Mexican financial authorities. Meda is an IFPE that would facilitate deposits and withdrawals in Mexican pesos. Furthermore, the new unit will be managed and operated by an independent team, ensuring operational autonomy.
Guilherme Nazar, Binance’s regional vice president for Latin America, pointed out that the new entity was launched to become a major local rival among platforms enabling transactions in Mexican pesos. The executive added that Binance made this move as it considers Mexico to be one of its key markets.
“Recognizing that increased competition benefits consumers, Medá will provide the Mexican population with access to higher-quality financial technology services at more affordable costs.”
This latest development comes as Binance continues to expand its presence globally. As the leading crypto exchange, Binance currently holds licenses, registrations, and other authorizations across 23 jurisdictions worldwide.
