Binance establishes new payment entity Medá in Mexico

Binance has established a new entity in Mexico, Medá, which will operate independently as an Electronic Payment Funds Institution (IFPE) and focus on advancing financial technology services across Latin America.

Medá, authorized and supervised by Mexican financial authorities, will facilitate deposits and withdrawals in Mexican pesos within the Binance ecosystem, which currently serves over 285 million users around the world.

Medá is part of Binance’s push to make Mexico a financial technology hub for Latin America. The company is committed to investing over one billion Mexican pesos ($53 million) in the project over the next four years.

Guilherme Nazar, Binance’s Regional Vice President for Latin America, said in a statement that with Medá, the team seeks to expand competition in Mexico’s financial technology market and provide users with a more efficient and cost-effective solution.

“Recognizing that increased competition benefits consumers, Medá will provide the Mexican population with access to higher-quality financial technology services at more affordable costs,” Nazar stated.

With Medá, Binance has achieved an important regulatory milestone, expanding its licensed operations to Mexico. The company has already established a strong regulatory presence in multiple countries, including France, Italy, Spain, Dubai, Japan, Brazil, and Argentina.

“With a population exceeding 125 million, Mexico is a key market for expanding access to financial inclusion,” Nazar added. “We believe in the importance of fostering safe and sustainable ecosystems that create broader opportunities for all Mexicans in terms of social and economic development.”

Binance’s educational initiative, Binance Academy, educated more than 44 million students worldwide in 2024 through courses, workshops, and partnerships with institutions including the National Autonomous University of Mexico, Monterrey Institute of Technology, and Panamerican University.