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Huobi to launch local exchange in Argentina

Steven Zheng

Huobi Group, the parent company of the Huobi cryptocurrency exchange, has announced the official launch of Huobi Argentina. In mid-October, Huobi Argentina will launch the local cryptocurrency exchange with a fiat gateway to trade Argentine pesos for cryptocurrencies via credit cards, wire transfers, and digital payment services.

“Argentina is South America’s most promising market for blockchain development. There already exists a general consensus to break from a reliance on the local currency and banks, and with Huobi’s entrance into the market, it is a great opportunity to move the needle on blockchain and crypto adoption in Argentina,” said Carlos Banfi, Huobi Argentina CEO, “The move would likely contribute to boosting the local sentiment and attracting global investment.”

Huobi Argentina's launch comes months after Changpeng 'CZ' Zhao, CEO of Binance, hinted that Binance is planning to launch a fiat-to-crypto exchange in Argentina. Binance has not made an official announcement regarding the possible launch of an Argentina branch.

The Argentine government has recently ramped up its efforts to restrict capital from flowing out of the country. Earlier this month, the central bank of Argentina released a statement limiting individual Argentinians from purchasing more than $10,000 in USD per month.