Hong Fang, President of OKX cryptocurrency exchange, emphasized Argentina as a pivotal launch platform for the digital currency exchange’s regional growth strategy. The expansion into Argentina is announced as part of OKX’s ongoing strategy to target the Latin American market, following its launch in Brazil in late 2023. OKX’s statement highlighted that Argentine users can now access the OKX cryptocurrency exchange platform, including its wallet and the ability to trade non-fungible tokens (NFTs). Argentina ranks fifteenth in the Chainalysis 2023 Global Crypto Adoption Index, a metric evaluating blockchain data and real-world data to measure countries at the forefront of cryptocurrency adoption, with Brazil ranking ninth.
This announcement comes approximately nine months after the cryptocurrency exchange Binance launched in Argentina. In April 2023, Binance’s director for the Southern Cone in Latam told Reuters that the expansion decision was due to the growing demand for cryptocurrency services in Argentina, linking it to the public demand present in the region. Meanwhile, OKX’s President, Hong Fang, highlighted Argentina’s significant growth in cryptocurrency adoption in recent times and expressed enthusiasm about officially launching OKX’s global exchange and Web3 wallet in one of the most vibrant digital currency markets in Latin America. Fang also noted that Argentina is a priority in their development plans across Latin America.
Fang stated that the promise of crypto and blockchain is expanding across Latin America, with Argentina serving as a vital launchpad for their regional growth strategy. This follows the recent announcement of Argentina’s economic reconstruction bases in December 2023, allowing Argentine citizens to use Bitcoin and other digital currencies for domestic settlements. Argentina’s Foreign Affairs, International Trade, and Worship Minister, Diana Mondino, confirmed that Argentine contracts could be settled with Bitcoin and any other digital currency.
Meanwhile, in October 2023, Coin Telegraph reported that Latin America prefers centralized exchanges to decentralized ones compared to other regions, indicating a higher priority for centralized exchanges in every region studied and slightly distancing from organizational activities compared to other areas. However, in May 2023, the Central Bank of Argentina banned payment providers from offering cryptocurrency transactions to reduce the country’s payment system’s exposure to digital assets. The monetary authority stated that this move aims to place fintech companies under similar regulations as traditional financial institutions in Argentina.