Binance, the world’s largest cryptocurrency exchange, has announced the launch of its new Mexican subsidiary, Medá. This initiative aims to strengthen Binance’s presence in Latin America with significant investments in financial technology.
Launch of Medá and Its Functions
Binance introduced a new Mexican subsidiary named Medá, registered as an Electronic Payment Funds Institution (IFPE). This independent entity will handle peso transactions and develop partnerships within the fintech sector.
Regulations and Goals of Medá
Medá will operate in accordance with Mexican fintech laws, having obtained a license from the National Banking and Securities Commission (CNBV). The company aims to ensure compliance with strict anti-money laundering (AML) regulations and consumer protection standards.
Significance of Mexico in Binance's Strategy
According to Guilherme Nazar, Binance’s vice president for Latin America, Mexico represents one of the key markets for the company. With over 125 million residents, there remains a significant unbanked population. The launch of Medá aims to enhance access to financial technology and services for a broader audience.
The launch of Medá represents an important step for Binance in strengthening its position in the Mexican market, furthering its expansion in Latin America, and highlighting the growing interest in crypto-financial services in the region.
