Binance Makes Bold Move into Mexican Crypto Market

Binance, the world’s leading cryptocurrency exchange, is significantly expanding its trading services. Binance Spot, the platform’s core trading hub, will introduce new trading pairs for major cryptocurrencies, including Bitcoin (BTC), XRP, Ethereum Name Service (ENS), and Lido DAO (LDO).

In an official announcement on May 28, 2024, Binance detailed that trading for the BTC/MXN, XRP/MXN, ENS/USDC, and LDO/USDC pairs will begin on May 29. This expansion also includes the availability of trading bots services for these tokens, effective May 29, 15:00 (UTC). Binance’s strategic decision aims to “expand the list of trading choices offered on Binance Spot and improve users’ trading experience.”

Notably, the addition of Mexican Peso (MXN) pairs reflects Binance’s recognition of the burgeoning demand for cryptocurrency in the region. A recent research article indicates that Mexico’s crypto market revenue is projected to exceed $1.417 billion in 2024, with an annual growth rate of 8.53% expected to propel revenue to $1.966 billion by 2028.

The exchange emphasized that users must complete account verification to participate in trading these new pairs. While underscoring the restrictions imposed on specific regions, Binance clarified, “Please note that the list of restricted countries provided below may be changed at any time, due to mandatory changes in applicable laws and regulations, or other changes relevant to the trading eligibility of these new trading pair(s).”

Customers residing in certain regions, including Canada, Iran, Cuba, North Korea, Syria, the United States, the Crimea region, the Netherlands, and non-government-controlled areas of Ukraine, will not be eligible to engage in trading the newly introduced pairs.

As of this writing, Bitcoin is trading at $68,723, reflecting a modest increase of 0.75%. XRP, on the other hand, has experienced a marginal dip of 0.15%, currently trading at $0.5279. Concurrently, LDO has seen a more pronounced decline of 5%, trading at $2.32, while ENS has risen by a notable 3%, reaching $25.95.

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