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Huobi acquires Latin America exchange Bitex

Huobi Global announced today that it has purchased Latin America-based exchange Bitex in a deal with confidential terms.  Bitex, founded in 2014, operates in Argentina, Chile, Paraguay and Uruguay. The company will join Huobi Global’s platform but keep its own branding and management, according to a May 26 press release.  The Bitex website shows that the exchange supports at least 15 cryptocurrencies, including the stablecoins Tether (USDT), DAI and USD Coin (USDC). It supports on-ramps from several fiat currencies, including …

Bitcoin miner Bitfarms scales back growth plans for 2022

Canada-based bitcoin miner Bitfarms reported a net income of $5 million in the first quarter of 2022, down by about 50% from the previous quarter. The firm also said during its earnings call on Monday that it would scale back expansion plans for the rest of the year due to logistics and supply chain issues related to the increase in natural gas prices. President and COO Jeff Murphy spined the current challenges the market is facing as an opportunity for …

Argentina’s central bank blocks financial institutions from offering crypto

Argentina’s central bank (BCRA) announced today that financial institutions cannot enable their clients to carry out operations using digital assets, just days after two banks said they had opened up crypto trading to their clients.  On May 2, the major private bank Banco Galicia and all-digital Brubank both announced they would offer crypto trading to customers through the investment portals on their websites. But now, the central bank said that financial entities in the country cannot allow this kind of …

Two Argentina-based banks add crypto trading to their platforms

Two banks in Argentina have launched crypto trading features on their platforms. Banco Galicia, one of the largest private banks in Argentina, confirmed on social media today that it has added a crypto trading option to its website. The digital bank Brubank then confirmed that it has done the same.  Twitter users spotted Banco Galicia’s new crypto feature on May 2, which the bank’s official Twitter account confirmed to one user. “Yes! We are adding new investment options,” it said …

Argentine exchange Buenbit adds more stablecoins due to growing popularity

Buenos Aires-based exchange Buenbit has added four new stablecoins to its platform, citing growing popularity for the digital asset class. These stablecoins keep parity with the U.S. dollar. These include Tether (USDT), Circle (USDC), Binance USD (BUSD) and TerraUSD (UST). The additions expand Buenbit’s portfolio to 12 digital currencies.  Buenbit, founded in 2018, was one of the first local exchanges to offer Argentines the option of using stablecoins as a way to avoid the high inflation of their local peso …

Argentina’s government would ‘discourage’ crypto usage under proposed IMF deal

Argentina’s government has signaled it will discourage the use of cryptocurrencies as part of a proposed, nearly $45 billion debt restructuring deal with the International Monetary Fund (IMF), leaving the country’s crypto sector questioning what this policy could mean if approved. In a memorandum outlining financial policies under the debt agreement, Argentina’s government laid out a framework with goals from 2022 to 2024. These focus on government policies targeted to help the country’s growth and resilience.  The IMF announced on …