Huobi Global is partnering with Settle Network’s cryptocurrency exchange Latamex to enable crypto traders in Latin America to buy digital assets with fiat money.
According to a Friday announcement, people in Argentina, Brazil, and Mexico can now purchase Bitcoin, Ethereum, Litecoin, and EOS using Huobi Quick’s buy/sell service with their respective national currencies.
As part of a promotional offer, Huobi will also permit customers to buy crypto with no additional fees as long as they use fiat money during the first month of service.
Seychelles-based Huobi is consolidating its presence in Latin America at a strategic time. A recent report from Mastercard indicates that consumer appetite for digital payments is at an all-time peak in the region. Almost four out of ten adults (37%) surveyed by the company said that they plan to use cryptocurrencies in the next year.
Meanwhile, Settle Network’s CEO Pablo Orlando emphasized that his company has many strengths, which will aid Huobi’s operations in the region:
Although Huobi is pressing forward with expansion plans in various parts of the world, its activities in Europe are on the regulatory radar. Just last week, authorities in Spain warned the trading platform along with 11 other companies that were providing investment services without registration.
While this warning won’t necessarily lead to a ban from the country, it could result in penalties for Huobi. The matter was brought to public attention by Spain’s Securities Market Commission (SMC), which also named Bybit as an offender.