DUBAI.- Since its launch in 2017, Binance has established itself as the largest company Exchange of the world’s cryptocurrencies. With a meteoric rise accompanied by complex regulatory episodes – including the one in the United States that led to the departure of its founder – the company managed to adapt and remains a benchmark for the crypto ecosystem today. Recently, The company announced that it had reached 300 million users. A milestone indicating the weight of the platform.
In an interview with LA NACION as part of Binance Blockchain Week in the United Arab Emirates, Guilherme Nazar, Vice President of Latin America, analyzes the present and future of the region as part of the company’s global strategy. It also covers regulatory developments in countries like Argentina and Brazil, as well as the potential of tokenization and crypto payments as drivers of financial inclusion.
– What do you think has been your greatest achievement since taking office in 2024?
-As for achievements, I think I first recognize that they are inheritance. So I inherited a region that, in my vision, was already on a positive path. But I think the greatest achievement of my management in Latin America, in my opinion, is giving the region visibility for global leadership. Because we’re far away, right? Global leadership is here (Dubai). Most of the managers are here. Therefore, I think I have strengthened relationships with global leaders. I was able to give the region more visibility. And thus bring global products or more resources to the region. Or a better understanding, a greater understanding of local needs.
-Speaking of local needs: In Latin America, regulations are progressing unevenly. How does the company deal with these different rhythms? What would a good regulatory guide for Latin American countries look like?
-The fact that regulatory development is not uniform is not a major problem. We have equipment. We are trying to divide the region into local teams. Because the pace (of the implementation of each regulation) is not in our hands. It is in the hands of the government. Our strength is to have an influence. Press. So that a market, a country, especially an important one like Argentina, is open to our industry. And the region, aside from the fact that there are only three written regulations today – El Salvador, Argentina and Brazil – is not a region at odds with the crypto world. There is no country that is against crypto.
Well, as far as regulation goes, we love Argentine regulation. Because it comes slowly. We start with a registration regime. With the CNV and the FIU. It is of course important to bring to light the platforms that operate for Argentine users. It’s not libertarian enough to include scammers. But it’s not so strict that the platforms don’t want to be there. Or that it prevents innovation from progressing. It’s a good example. I understand that there will be developments over the years. Some developments that may come from the CNV or the market.
-Let’s then talk about the products for the region. Which of these Binance innovations or projects for Latin America raise the most interest for you in the coming years?
-All Latin American countries are emerging. Although progress varies, all markets are emerging. With a very limited acceptance rate in banking. Very low. Therefore, I think blockchain technology, the crypto industry, can be a very effective tool for financial empowerment. And the payment product is like a dream for me. Because you are in Argentina and you earn pesos. Your company pays you Argentine pesos. You can make an instant change. You can make an instant cryptocurrency exchange for stable dollars, protecting your capital and protecting yourself from inflation into a stronger currency. And throughout the month, when you pay your rent, dinner, lunch, medicine, sports, or the child’s school, you can pay with crypto via an interoperable QR. The establishments receive as they want in pesos they receive, but you do not have to return. For me this is amazing, it’s like a circle coming full circle.
And I believe that the development of some draft laws in the United States, such as the Genius Act, the Clarity Act – mainly the Genius Act – will promote stablecoins and financial transactions, with a convergence of the crypto market with the traditional financial market. That’s the vision I have.
-We are seeing the number of decentralized exchanges increasing, especially among more experienced traders. Do you see a migration of users there or do you see competition with decentralized exchanges?
-Of course there will be competition for users or for money Trading volume. But just as we see competition with other centralized platforms, for us it is positive for the people, for the users, and that brings us down to earth – in English it says: “Let’s stay on our toes“- in a very humble way, to keep innovating or providing better experiences. So users and investors have the opportunity to be on DEX or CEX and choose. But for us, nothing changes in our efforts to always put the user at the center and try to understand, understand the pain, the opportunities for improvement and the feedback.”
-And as far as traditional banks are concerned, there is a lot of interest from some banks in Argentina Start offering crypto products. How big would the Binance difference be there?
-For me it is very positive. The more platforms – be they banks or CEXs – offer crypto services and crypto products to users in a country, the more it is a sign of potential. An industry that is not doing well has no competition. That on the one hand. I believe that our role in the case of traditional banks is one of collaboration; It is a mixture of competition and cooperation. What I want to say: We can do B2B2C because we are the largest provider of infrastructure and liquidity. In the case of banks, they can use our liquidity. You can combine your service with our liquidity. We see the banks as potential customers of ours, but not as individual customers, i.e. as corporate customers.
-You previously spoke about the importance of stablecoins in Latin American economies. They were the first in Argentina driver attracting new users to crypto platforms in recent years. With the macroeconomy seemingly stabilizing, do you think it might be challenging to continue attracting new users?
-I don’t see it as a challenge. Of course, I agree that economic instability was a perfect storm that made it easier to acquire users Cryptocurrency. But in markets where the economy hasn’t experienced as much instability, we also have a very strong acquisition. The crypto market is therefore independent of crises, high inflation rates or instability. These are variables that can help, yes, but they are also changing and we will continue to acquire new users.
Let’s think of Brazil, for example. Brazil has not experienced as high a historical inflation rate as Argentina in recent years and is a market that has as high an acceptance as Argentina. I think the latest data puts the adoption rate at 20%, in Brazil it’s 17%. So it may help temporarily, but it’s not the only factor.
-How do you see the crypto ecosystem in Latin America developing in the next five years?
-I see stablecoins being the biggest success of RWAs. When we say real assetswe are talking more about assets that have not yet been tokenized: Assetsfixed-interest securities. But that Fiat currency – the dollar – was the best example of this real asset that was tokenized. So I see the future of the industry in the next five years being more and more volume and greater numbers real assets that they are tokenized; The financial system will be tokenized and then converged. I see the financial system as we know it today being completely or to a greater extent tokenized and transferred to the blockchain, which is a cheaper, safer and faster technology.
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