ArgenBTC, one of the pioneering bitcoin and cryptocurrency exchanges in Argentina, announced this Monday, October 28, the closure of its operations after more than a decade in the sector. The decision is based on “multiple reasons,” as reported by the company through a statement on social networks. Among the reasons, they highlight that the cryptocurrency ecosystem has evolved significantly, becoming more professional and more widespreadwhich has attracted new and large players with significant national and international capital. The entry of these players has intensified competition. ArgenBTC thus suggests that the local market has changed drastically, with the presence of giants like Binance and Coinbasewhich have attracted a large number of users. This situation has complicated ArgenBTC's ability to remain competitive and profitable, they say in their statement. Additionally, the company mentions the “recent wave of regulations and new demands on Virtual Asset Service Providers (PSAV)” as a determining factor. “It is very difficult for us to be on par and at the same time be profitable,” explains the company.
The decision is based on “multiple reasons,” as reported by the company through a statement on social networks. Source: ArgenBTC.
Closing protocol
Starting today, October 28, ArgenBTC begins its closing protocol, which includes the withdrawal of funds normally in all currencies, continuity in purchase/sale operations, but also the suspension of the registration of new users and the completion of DeFi operations. By November 11, the completion of all purchase/sale operations is expectedlimiting the platform to withdrawals only. “We will carry out a period of no less than two months so that all our users can withdraw their funds,” it is mentioned, ensuring an orderly transfer of assets. “We thank our loyal users again for all these years for having trusted our services,” ArgenBTC expressed in its final statement. This announcement comes at a time when Argentina's Financial Information Unit (UIF), in coordination with the National Securities Commission (CNV), has begun to more strictly supervise cryptocurrency exchanges, as part of an effort to regulate the market, as reported by BitcoinDynamic. Regulation in Argentina requires exchanges and other cryptocurrency service providers to officially register, which adds an additional layer of complexity and operational costs. This regulatory context, along with growing competition, has marked the end of ArgenBTC, a name that for years was synonymous with the adoption of cryptocurrencies in the country.
Argentina has shown high adoption of cryptocurrencies, becoming one of the largest markets in terms of users. The departure of ArgenBTC from the market leaves a mark in the history of cryptocurrencies in the country, reflecting the global dynamics of a growing sectorbut it also adjusts to new economic and legal realities.
This article was created using artificial intelligence and edited by a human Editor.