Coinbase has acquired official approval from Argentina’s National Securities Commission (CNV) to expand its offerings in the country, as disclosed in a blog post on January 28, 2025. This approval allows the exchange to roll out new features, including local payment methods in Argentine pesos, strengthening its foothold in the Latin American market.

Coinbase has been operating in Argentina since 2019, initially focusing on crypto-to-crypto conversions. This new regulatory endorsement enables the exchange to provide a broader spectrum of services while operating within the legal framework for virtual assets.

Coinbase’s Approval Follows Binance’s Registration

The approval comes on the heels of Binance’s successful registration as an official crypto service provider in Argentina last October. As competition heats up in this market, Coinbase is also investing in local educational initiatives aimed at boosting cryptocurrency literacy.

Fabio Plein, Coinbase’s director for the Americas, highlighted the significance of cryptocurrency in Argentina, stating:

“For many Argentinians, crypto isn’t just an investment; it’s a necessity for regaining control over their financial futures.”

Argentina is currently facing severe economic challenges, including one of the highest poverty rates globally, with 53% of its population below the poverty line. Many are turning to digital assets as a safeguard against inflation and financial instability.

Key Insights

• In a recent Chainalysis report, Argentina surpassed Brazil in crypto inflows, with transactions totaling $91 billion from July 2023 to June 2024.
• There is a notable preference for long-term investments in cryptocurrencies among Latin American investors, contrasting with day trading strategies.

Conclusion

Argentina’s growing adoption of digital assets is exemplified by around five million Argentinians, or roughly 10.9% of the population, utilizing cryptocurrency daily.