Binance, the world’s largest centralized crypto exchange (CEX) by market capitalization, is expanding its presence in Mexico with the launch of a new entity, Medá, which will focus on advancing fintech services across Latin America.
Binance announced the launch of Medá, a Mexico-based entity that will serve as a regional crypto hub for Binance’s operations in Latin America. Medá is registered as an Electronic Payment Funds Institution (IFPE), which allows it to facilitate deposits and withdrawals in Mexican pesos.
Medá will operate as an independent division within Binance, with a planned investment exceeding one billion Mexican pesos ($53 million) over the next four years. Binance aims to expand access to innovative, user-friendly digital services that will positively impact the Mexican population.
Focus on autonomy and regulatory compliance
Binance emphasized that Medá will operate with operational autonomy. The company said the independent management structure would ensure the platform’s self-sufficiency while aligning with Mexican financial authorities’ regulations. This approach aims to set a new benchmark in Mexico by integrating the traditional financial sector with the virtual assets ecosystem.
Guilherme Nazar, Binance’s regional vice president for Latin America, stressed that Medá is positioned to become a major competitor among platforms enabling transactions in Mexican pesos. He highlighted that with Mexico’s 125 million population, the country represents a key market for Binance.
Binance’s global compliance strategy
Binance’s expansion into Mexico is part of a broader effort to ensure global compliance as it continues to broaden its operations. The exchange now holds licenses, registrations, and other authorizations across 23 jurisdictions worldwide.
In France, Binance was required by the Financial Markets Authority to restructure its ownership, resulting in the appointment of new shareholders for Binance France in May 2024. Other countries where Binance holds approvals include Italy, Spain, Dubai, Japan, Brazil, and Argentina.
According to SimilarWeb analytics, Brazil ranks as one of the biggest markets for Binance, with the country holding the fourth-largest market share in terms of website visits, just behind South Korea, Ukraine, Vietnam, and Turkey.