Josh Goodbody, Binance executive for Latin America, believes that regulation must be consistent with adoption. They believe that Latin Americans need new solutions to deal with economic chaos and censorship.
Binance announced last December the launch of its new platform Latamex, through which it offers the service of purchasing and selling cryptocurrencies with local fiat money in the Latin American market. This year, the company appointed Josh Goodbody as Director for Growth and Institutional Business, focusing on Europe and Latin America.
The executive, who joined the team behind the platform after serving as head of Europe and the Americas at Huobi, announced the plans of the firm where he helped consolidate the Global Institutional Business Department. Besides, he served as a lawyer in financial markets, working on regulatory reforms and building a new commercial infrastructure of banks such as JP Morgan, State Street, and Credit Suisse.
Binance recognizes Latin America as a key region for the business and institutional growth that the company has projected worldwide, but it will focus on countries such as Venezuela, Argentina, Mexico, and Brazil. In those nations, citizens are struggling against inflation and there is a certain level of understanding that cryptocurrencies, with their paradigm of decentralization and refuge of value, offer an alternative to deal with the economic chaos and censorship to which they are subject.
According to Goodbody, it is necessary to understand that each country requires a different approach and requirements but, as the cryptocurrency markets mature, Binance will expand its presence in the region and beyond it. He also states that a large part of the company’s mission is to connect with local communities to understand what they want and expect.
Regarding the Latin American countries with the greatest future in the cryptocurrency industry, he indicated that despite their potential to contribute to the sector, Brazil undoubtedly has the largest market for its leading economy. He also highlights Mexico and Colombia for their current results, which allows them to lead the cryptocurrency market, and for the performance that Binance partners are having there, which allows them to offer fiat links.
Between Adoption and Regulation
Regulation is necessary and inevitable if it is sought to ensure the growth of the industry. The countries may have different levels of clarity regarding regulation as each of them is now asking many questions. However, the largest countries tend to take longer to achieve the clarity required by the regulatory framework, since they have more regulatory agencies, more projects, more cryptocurrencies to evaluate, and more people to protect.
In this respect, Binance explained that it seeks to comply with the rules and is committed to working jointly with government agencies to ensure a sustainable market and increase public adoption. Since cryptocurrency transactions can help eliminate procedural bottlenecks that affect traditional banking and financial services, Goodbody said that Binance wants to connect regions and decentralize how citizens use money worldwide, thus empowering the community.
Binance stated that local exchanges do not have all the features that the firm can offer, such as the exchange between different cryptocurrencies, advanced trading tools such as Binance Futures, and auxiliary products such as Lending and Margin. Besides, Binance provides an approach to the ecosystem with its decentralized exchange, that is, its products are powerful and can boost the growth of the ecosystem, based on user education through the company’s academy.
By Willmen Blanco