Search Inside Bitcoins

Binance moves to expand its global presence

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.


Join Our Telegram channel to stay up to date on breaking news coverage

Amidst the turmoil in the crypto market, Binance has continued to soar in its quest to secure a global presence. The crypto exchange, in recent times, entered into a series of partnerships to extend the coast of its operations across the world.

The continuous expansion crusade by Binance is coming at a time when other crypto exchanges and firms face the wrath of crypto winter. Recall that Coinbase laid off some of its employees in the wake of the market crisis. 

Most crypto exchanges rely on trading fees, and a decline in their volume has fatally affected their operations. However, despite the harsh situation, Binance has yet to lay off employees and continues to sustain its expansion plan.

The exchange secured an operational license for its Spanish subsidiary, Moon Tech Spain, in early July. The Bank of Spain granted the license for the protocol to operate as a virtual asset services provider (VASP).

Similarly, Binance in May expanded its coast to France and Italy after securing the approvals of the countries’ regulators. Notably, its CEO, Changpeng Zhao, vowed to invest €100 million in France. Also, the Dubai Virtual Assets Regulatory Authority approved the exchange registration to operate within the country in March. However, it underscores the rates at which Binance is seeking global presence amidst the prevailing market issues.

Moreover, through partnerships with numerous entities, the crypto exchange has initiated a special entry into the world of NFT. Recently, the crypto exchange initiated an NFT package with Primeira Liga Champions, FC Porto.

The NFT adventure of Binance with football clubs didn’t end there. Also, the firm launched a special NFT collection with Ukrainian Football Club, Shakhtar Donetsk. As revealed, the initiative aimed at helping victims of the war between Russia and Ukraine.

Binance made major headlines around June when the firm announced a partnership deal with Manchester United star Cristiano Ronaldo. This significant move accentuated Binance’s quest for expansion. As indicated, the deal boosted the popularity of crypto among football lovers. Additionally, it struck a deal with the most popular Tiktok star, Kharby Lame. 

Now,  Binance partnered with a global payment leader, Mastercard, to launch a Binance card in Argentina. According to Binance, launching the new product in the country ensued as its efforts geared towards aiding crypto adoption globally. The crypto exchange noted that the binance card for Argentina is still at its beta stage and will become accessible in a few weeks.

The card issuance will be done by a digital payment service provider, Credencial. Aided by the Binance card, fresh and old subscribers of Binance within the country will be able to purchase goods and pay bills with cryptos. According to the exchange, this will be possible through the over 85 million Mastercard merchants across the globe. 

Additionally, Binance says users can access these services with MasterCard merchants online or in-store. However, it insisted that subscribers must possess a valid national ID to enjoy using the Binance card.

The card allows Binance Argentina users to experience user-friendly transactions in converting their crypto to fiat. More so, it paves the way for them to take in about 8% in crypto cashback on all suitable purchases with zero fees on withdrawals made through ATMs.

As designed, holders will manage their cards through a dashboard enveloped on the Binance network. The dashboard enables them to access all their transaction histories and get customer assistance when necessary.


Join Our Telegram channel to stay up to date on breaking news coverage

Read next