Binance in Mexico: pesos via Medá, P2P and the fine print

Binance is one of the largest crypto exchanges in the world, and most English-speaking residents in Mexico already know the name from home. What they usually do not know is how it plugs into the Mexican system. Since September 2025, pesos reach Binance through Medá, a Mexican payments company Binance is backing with a pledged MXN 1 billion. Alongside that sits a P2PPeer-to-peer: you buy from or sell to another person, and the platform holds the seller's crypto until payment is confirmed. market where people swap USDT for pesos all day.

This review answers the three things people ask most: whether Binance is legal here, how pesos get in and out, and whether the P2P market is worth the hassle. It also flags what changes if you are not Mexican.

What Binance is and who runs it in Mexico

Binance is a global exchange covering everything from simple buys to futures and business services. Its crypto business is not incorporated in Mexico. The Mexican piece is the one that touches your pesos: Medá Programas de Relacionamiento, S.A.P.I. de C.V., an IFPEInstitución de Fondos de Pago Electrónico: a fintech licensed by Mexico's CNBV to hold electronic money in pesos..

Medá was authorized by the CNBV in May 2022, the 31st entity approved under Mexico's Fintech Law, and Binance launched it publicly in September 2025 with a pledged investment of MXN 1 billion (about USD 53 million) over four years. When you deposit pesos, they land in a Medá account in your name; when you buy crypto, Binance holds it outside Mexico. Current products and terms are on Binance's Mexico site.

A note for Americans: Binance.com does not serve US residents, who use the separate Binance.US. If you are a US citizen living in Mexico, read the restricted-locations section of Binance's terms before you sign up. We could not confirm how it treats US citizens who reside in Mexico.

Is Binance legal in Mexico?

Using Binance is legal. No Mexican law stops an individual from buying, holding or selling crypto. What matters is how far the regulation reaches:

• Medá is authorized and supervised by the CNBV and Banxico, but only for electronic money in pesos.
• The crypto side has no Mexican license. No exchange has one, because the Fintech Law and Banxico's Circular 4/2019 do not let regulated institutions sell crypto to the public.
• Anti-money-laundering rules do apply. Mexico's July 2025 AML reform keeps virtual-asset services as a "vulnerable activity" and extends the obligations to providers serving Mexicans from abroad. That is why Binance verifies you and asks for a CURP.

Binance's history is part of the picture. In November 2023 it pleaded guilty in the United States to anti-money-laundering and sanctions violations, agreed to pay USD 4.3 billion and its founder stepped down as CEO, according to the Department of Justice. The deal included an independent compliance monitor. That does not change how your Mexican account works, but it explains the strict checks. More in is crypto legal in Mexico.

Depositing pesos by SPEI through Medá

In the app, go to Add Funds → Deposit MXN → Bank Transfer (SPEI). The first time, Binance opens a personal Medá account with its own CLABE. Add it to your Mexican banking app and send the transfer. Binance's help page says it takes about 30 minutes.

Two rules cause most rejected deposits. Your CURP must be verified, and only accounts linked to your own RFC or CURP are accepted. A SPEI from your spouse's account, your company account or a friend's will not go through. US bank accounts cannot send SPEI at all; if your money is in the US, move it to a Mexican account first (Wise is a common bridge) or send crypto in from a US exchange. Our SPEI guide covers bank transfer limits.

Fees, worked out in pesos

Binance's general schedule charges 0.10% maker and 0.10% taker on spot for a regular user, or 0.075% if you pay fees in BNB, its own token. That is among the lowest base rates around. We could not confirm whether Mexican accounts get a different rate. What the public API did show when we checked is five spot pairs trading against pesos: USDT/MXN, BTC/MXN, ETH/MXN, SOL/MXN and USDC/MXN. In the app you may also see "Buy" or "Convert" with your MXN balance.

A MXN 5,000 example. You send MXN 5,000 by SPEI; Binance's regional pages show a 0 MXN deposit fee, which we treat as indicative. You buy USDT on spot as a taker: 0.10%, or MXN 5, or MXN 3.75 paying in BNB. If you use the quick-buy or Convert screen instead, the cost may sit inside the quoted price as spreadThe gap between the price you are quoted and the market price. It does not show up as a separate fee., and Binance does not publish it for MXN. When you sell and withdraw, the peso withdrawal fee is not on the help page either, and secondary sources say one applies.

Bottom line: buying on Binance costs less than Bitso's 0.78% base taker fee. Getting pesos back out has more unknowns and a longer wait.

Binance P2P in Mexico

Binance P2P has supported pesos since 2019 and is one of the most used in the country. Most ads are for USDT, paid by SPEI, bank transfer or an OXXO deposit. You pick an ad, the platform locks the seller's crypto in escrowFunds held by the platform until both sides do their part; the seller's coins are released only when they confirm your payment., you pay the seller directly, and they release the coins once the money shows up.

The main cost is the ad price, which usually sits a little above the market rate. On platform fees, in 2021 Binance charged takers nothing and makers up to 0.35% depending on the market, and 2024 reports mention fees for takers too. We could not confirm today's MXN rate, so read the fee on the order screen.

For foreigners, P2P has a practical catch: you need a Mexican bank account that can send and receive SPEI in your own name. Paying from a US account or through a third party is exactly the pattern sellers are told to refuse.

Limits and verification

Opening an account takes an email or phone number, a government ID or passport and a face check. Using pesos through Medá also takes a CURP. The help pages we checked do not publish peso deposit limits by verification level, so look them up under your account limits. Your bank may also cap SPEI transfers from its app.

Withdrawing to a Mexican bank

To get pesos out, you sell to MXN and withdraw from Medá by SPEI to a CLABE in your own name. Binance quotes 1 to 3 business days, much slower than the instant SPEI you are used to. If you need pesos the same day, selling USDT on P2P to a buyer who pays you by SPEI is the usual workaround, with the precautions above. Our cash-out guide compares routes.

Coins on offer

Binance lists hundreds of coins, from bitcoin, ether and USDT, the stablecoinA crypto token built to hold a steady value, pegged 1:1 to the US dollar. that dominates P2P, to altcoins and meme coins you will not find on local exchanges. From Mexico, the usual path is pesos to USDT, then USDT to whatever you want. One gap people ask about: Pi Network was not listed on Binance as of mid-2026, according to press reports. Routes for Pi are in the Pi Network guide, and stablecoin networks are explained in the USDT guide.

Security and regulatory footprint

The Mexican regulatory footprint is Medá, which you can check in CONDUSEF's SIPRES registry. As with any IFPE, your peso balance is not covered by IPAB deposit insurance. Your crypto is held by Binance outside Mexico, and complaints go to the platform.

The practical security is largely up to you: turn on two-factor authentication with an authenticator app rather than SMS, use the withdrawal address whitelist, and never share codes with anyone messaging you as "support". For long-term holdings, a self-custody wallet, where only you hold the keys, removes exchange risk.

Taxes, briefly

Using a foreign exchange does not take you out of the SAT's reach. Mexican tax residents report gains on crypto they sell in the April annual return, at the progressive individual ISR rates of 1.92% to 35%. Non-residents generally follow their home country's rules, and US citizens still report to the IRS wherever they live. Export your Binance trade history every year. The full picture is in our crypto tax guide.

Pros and cons

Who Binance suits

Binance fits residents with a CURP who want coins with no peso market elsewhere, people who trade USDT on P2P, and active traders for whom a 0.10% fee adds up to real savings. It also suits anyone who already holds USDT and wants liquidity to turn it into pesos.

It is a weaker fit if you need pesos in your bank the same day, if you have no CURP, or if dealing with P2P counterparties sounds like more work than it is worth.

Alternatives to Binance

For fast, free peso withdrawals, read the Bitso review and the head-to-head Bitso vs Binance. OKX and Bybit also run peso P2P, and Bybit takes SPEI with a fixed CLABE. To pay by card with a passport, see CEX.IO. Everything is compared on the reviews hub.

Already holding a balance? Follow our guide to withdraw from Binance to a Mexican bank: direct peso sale by SPEI, P2P, or a detour through Bitso, with the fees for each route.