Binance has updated its platform to offer additional trading options to users in Mexico. The move comes at a time of growing cryptocurrency adoption in the region and could draw more people into the world of cryptocurrencies.
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The world’s largest cryptocurrency exchange continues to update its platform to improve user experience and address the latest trends.
Recently, the company disclosed that it will open trading for the USDT/MXN pair and enable the Spot Algo Orders trading Bots service. This service will be available starting April 10.
MXN is the symbol for the Mexican Peso, the national currency of the North American country. Numerous studies have shown that cryptocurrency adoption has been rising in the region over the past few years, with most holders being between the ages of 25 and 34.
“Mexico ranks alongside Argentina and Brazil as one of the Latin American countries driving cryptocurrency adoption in the region. In fact, the country ranked 16th on Chainanalysis’ 2023 Global Crypto Adoption Index,” cryptocurrency exchange OKX added.
The introduction of a direct trading pair between USDT and MXN simplifies the process of entering and exiting the cryptocurrency market for Mexican traders. For example, they can handle stablecoins without having to convert funds into US dollars.
This reduces transaction costs, enhances the trading experience, and is likely to attract more industry participants.
This is not the first time Binance has announced a similar update since the beginning of the year. Last month, the company added the following pairs to Binance Spot: BONK/USDC, FLOKI/USDC, FTM/USDC, MKR/TRY, RAY/TRY, and RNDR/BRL. It also provided trading bot services for the above-mentioned people.
Some of these portfolios focus on the Turkish lira, allowing locals to jump on the cryptocurrency bandwagon. Turks have shown even greater interest in the industry than Mexicans, perhaps because they are looking for financial alternatives to combat the inflation and other economic setbacks that have ravaged the country.
