Binance, the world's largest crypto exchange, has announced the launch of a new institution called Medá in Mexico, which is part of its strategy to strengthen its position in the financial market.
Launch of Medá in Mexico
On September 1, Binance announced the launch of Medá, a fully licensed Electronic Payment Funds Institution (IFPE) in Mexico. This new entity will serve as the foundation for Binance's four-year investment strategy worth over one billion pesos ($53 million), enabling peso deposits and withdrawals.
Strategy and Purpose of Medá
By establishing a licensed local entity, Binance aims to compete with traditional payment processors. Medá's structure will enable what the exchange calls 'healthy and proper development' between traditional finance and digital assets. The primary goal is to address the challenge of accessing reliable fiat payment options, which remain a barrier for many citizens of Mexico.
Regulatory and Licensing
The launch of Medá also strengthens Binance's global licensing portfolio. This development adds Mexico to the 22 jurisdictions where Binance has already obtained formal licenses, registrations, or permits, thereby enhancing its position with regulators worldwide.
The launch of Medá in Mexico signals Binance's serious intentions to strengthen its market presence and integrate with the traditional financial system, providing users with more accessible services.
