Binance Opens Argentina Fiat On-ramps as Inflation Hits 100%

Binance has launched its on-ramp and off-ramp in Argentina, giving locals a way into digital asset markets

article-image

Maxim Studio/Shutterstock, modified by Blockworks

share

Binance has opened up fiat ramps in Argentina, where the inflation rate has surged above 100% for the first time in three decades.

Local users can now load their Binance wallets with Argentinian pesos and trade a small selection of cryptocurrencies via the app: bitcoin, ether, BNB and EOS, as well as dollar-pegged stablecoins BUSD and tether (USDT).

Binance so far only had limited operations in Argentina and doesn’t yet offer peso pairs on its crypto exchange.

Due to high inflation, prices for goods and services across the country reportedly keep fluctuating almost every week, meaning peso-denominated crypto price quotes are likely to change frequently.

The Argentine peso is down 70% in the past three years | Chart by David Canellis

Binance’s wallet also supports dozens of international currencies, including the Turkish lira, Venezuelan bolivar and Afghan afghani.

Dollar-pegged stablecoins have proven useful in economies suffering from severe currency devaluation. But crypto purchased with Argentine pesos (ARS) seems to come with a steep price tag. Binance’s wallet currently sells BTC for 11 million ARS ($52,000) — nearly double the spot price on Binance’s US platform. 

Peso-holders will spend 749,000 ARS ($3,546) for ETH, while US users will pay only $1,899. BNB and EOS have the same price differences, as do USDT and BUSD, which go for $1.85 each.

When asked about the difference, a Binance spokesperson told Blockworks that within Argentina itself, there are different exchange rates than the “official” figures shown by the likes of OANDA.

Argentine markets don’t use the official figures, they said. Instead, they use parallel market rates: “In the specific case of Argentina, when exchanges calculate prices, the stock exchange dollar is used as a reference.” 

Nigeria sees similar disparities between the official exchange rates and international bitcoin prices. There’s no realistic arbitrage opportunity for regular traders (they would first need access to US dollar markets at the official rate), so the price difference shouldn’t exactly be considered a “premium.”

In any case, Maximiliano Hinz, an Argentina-based Binance director for the Latin American region, told Reuters that the move was prompted by public demand and noted that Argentina is a key market for the company.

Binance under fire

Binance launched a crypto prepaid card in partnership with Mastercard in Argentina last year, enabling users to make purchases and pay bills using crypto. 

Younger people in the country view crypto as a way to bolster their savings after decades of losing trust in the government. Argentina recorded the 13th highest rate of adoption in the world in 2022, according to Chainalysis.

“For a long time, Argentina has positioned itself as an important crypto market. People have always been very interested, there have been very good projects, and this has allowed the increase in adoption. Today, the crypto world brings solutions to people’s daily lives,” Binance’s Hinz said at a recent event. 

Binance is currently faced with litigation from the CFTC, which alleges that the exchange broke trading and derivatives rules. 

CEO Changpeng Zhao, who has an estimated net worth of $30 billion, has pushed back against the allegations, saying the complaint contained an “incomplete recitation of facts” and that the exchange doesn’t agree with the characterization of the issues outlined.

Earlier this year, BUSD issuer Paxos began unwinding its relationship with Binance after receiving an SEC Wells notice over the dollar-pegged stablecoin.

Now, it’s on offer to Argentina.

David Canellis contributed reporting.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Despite ending its points program, Hyperliquid has maintained a dominant market position with 77% of perpetuals DEX volumes, though overall volume has decreased from early 2025. It is the only DEX that has been able to compete with CEX volumes. Hyperliquid's success stems primarily from rapid, relevant token listings and superior UX for users and market makers, particularly its API - which is how market makers interact with the protocol. The controversial oracle price override during the JELLY incident exposed risks in the Hyperliquid Liquidity Pool (HLP), though the team has since implemented risk management adjustments. The HyperEVM is currently underoptimized and lacks necessary precompiles, but represents an important strategic expansion to enable asset issuance and DeFi composability.

article-image

Securitize announced it acquired a crypto-focused fund administration firm

article-image

ETH’s success hinges on the resource of data availability, particularly how much it sells to L2s

article-image

Solayer’s Emerald Card integrates SolanaID so users can build their “onchain reputation.”

article-image

In 2011, bitcoin blew past the one-dollar event horizon and never looked back

article-image

Sponsored

Transferability of WCT brings the onchain economy closer to a more open, permissionless, and community-driven experience

article-image

Taking a look at the biggest stablecoin players and where they stand