Trade Pudgy Penguins in Mexico

Pudgy Penguins (PENGU) is tradable as a perpetual from Mexico: the legal status, working funding rails and the practical route are below.

Is Pudgy Penguins trading legal in Mexico?

Banco de México's Circular 4/2019, published in the Diario Oficial de la Federación on 8 March 2019, states the policy in its own recitals - it is considered appropriate to keep a healthy distance between virtual assets and the financial system - and then enforces it: credit institutions and licensed fintech institutions (ITF) may carry out virtual-asset operations only as internal operations, only with Banxico's prior authorisation, and an application is expressly ineligible for that authorisation where the institution intends to provide its clients directly with exchange, transmission or custody of virtual assets. So a Mexican bank or an authorised fintech cannot sell you crypto; that trade happens at venues that sit outside the ITF licence, and outside the consumer protections attached to it. Nothing here prohibits a person from buying, holding or selling crypto.

What the contract is

The contract itself does not change by geography: a PENGU perpetual settles in USDC everywhere.

Sign up on Canborsa with email, X or a wallet

No document upload to open the account. Canborsa is non-custodial: your collateral stays under your own keys until a position opens.

Email X Wallet

Fund the account with USDC

Deposit USDC over Canton, Robinhood Chain, Ethereum, Base, BNB Chain or Arbitrum. Canborsa takes no fiat, so buying the USDC happens wherever you normally buy stablecoins.

→Robinhood Chain

Open PENGU-PERP

Pick PENGU in the markets list. The ticket shows the live price, the current funding rate and max leverage 5x .

PENGU-PERPPerpetual · USDC marginLONG

Choose Buy / Long, then set size and leverage

Buying $1,000 of PENGU at 5x uses $200 of collateral. Higher leverage moves the liquidation price closer to your entry: your exposure is the position size, whatever margin you posted. Set a stop-loss below your entry before you walk away.

Gains from selling or exchanging cryptocurrency are subject to income tax at the individual's marginal rate (up to 35%).

Trading PENGU from Mexico: legal.

Regulator for Pudgy Penguins trading in Mexico: Banco de México (Banxico) and Comisión Nacional Bancaria y de Valores (CNBV).

For Mexico residents trading Pudgy Penguins: Gains from selling or exchanging cryptocurrency are subject to income tax at the individual's marginal rate (up to 35%).

The CNBV supervises fintech firms under Mexico's Ley Fintech, and exchanges such as Bitso apply anti-money-laundering duties under Mexico's PLD law when serving crypto customers.

Mexico residents can trade Pudgy Penguins on 15 platforms, including Aevo, ApeX and Aster.