OKX has announced its expansion into Argentina as part of its ongoing strategy to target the Latin American market. The move follows its launch in Brazil in late 2023.
In a recent statement, OKX announced that Argentine users will be able to access OKX’s crypto exchange platform, along with a self-custody wallet and the ability to trade NFTs.
Argentina ranks 15th on the Chainalysis 2023 Global Crypto Adoption Index, a metric that assesses on-chain and real-world data to measure which nations are at the forefront of crypto adoption. Meanwhile, Brazil ranks ninth.
The announcement comes approximately nine months after competitor crypto exchange Binance launched exchange services in Argentina. In April 2023, Maximiliano Hinz, director of Binance for the Latam southern cone, told Reuters that the expansion decision was due to the growing demand for crypto services in Argentina.
Meanwhile, OKX president Hong Fang emphasized Argentina’s significant growth in crypto adoption in recent times.
Diana Mondino, the Argentine minister of foreign affairs, international trade and worship, confirmed the news that “Argentina contracts can be settled in Bitcoin, and also any other crypto. In May 2023, Argentina’s central bank banned payment providers from offering crypto transactions to reduce the country’s payment-system exposure to digital assets.
The monetary authority stated that the purpose of this was to subject fintech companies to the same regulations as conventional financial institutions in Argentina.
