some people’s disasters are other’s benefits.

Huobi cryptocurrency exchange is taking advantage of the setbacks of its competitors, led by Binance.

Huobi’s latest move includes its partnership with Latamex, a payment gateway that allows converting fiat currencies to cryptocurrency, which in turn is affiliated with the Settle Network.

The partnership aims to enable the buying and selling of cryptocurrency with fiat money in Argentina, Brazil and Mexico.

Huobi also announced a promotion for its customers that will allow them to purchase cryptocurrencies without fees as long as they use fiat currencies within the first month of the service.

Huobi announces new options:

According to Jeff Me, director of global strategy at Huobi, the new partnership seeks to attract 600 million potential customers, commenting on this:

Read:Binance Invests in FTX Crypto Derivatives Trading Platform

The Latin American market has more than 600 million people and we feel the need to reach them.

Seattle will be a key partner for us in this market penetration.

Our goal is to bridge this gap between fiat and cryptocurrencies for traders across the region in a fast and efficient manner.

Latamex ensures compliance with all KYC and AML requirements in each of the countries in which it operates.

This way, both Huobi and its users can rest assured that they have the proper protection from regulators.

Pablo Orlando, CEO of Seattle, expressed his happiness with the new partnership, commenting on this by saying:

We provide the financial infrastructure in a reliable, hassle-free and compliant way to operate digital assets with local fiat money, helping their users in Latin America to easily access cryptocurrencies through our Latamex product.

Binance and Hubby:

The competition between Binance and Huobi is not new, and a lucrative market like Latin America has enough potential to become a focal point for both companies as they try to expand.

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Early last year, Binance appointed Josh Goodbody, the former president of Huobi Europe and America.

Binance has awarded Goodbody the position of Director of Growth and Corporate Business in Europe and Latin America.

Read:Binance Lab led an investment round of 3.5 million for one of the companies

Binance already offers support for direct purchases of cryptocurrency for fiat in these three countries referenced in the introduction to the article, and things don’t seem to be looking very good there.

The head of the Brazilian branch resigned after disagreements with Binance’s global managers, and Binance was recently forced to suspend its support for futures and derivatives contracts in Brazil after severe regulatory pressure there.

Now, with the entry of Huobi, things are getting more complicated for Binance.

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