- Binance launches “Send Cash” solution in Latin America for efficient crypto to local bank transfers, following discontinuation of crypto card services in the region.
- Send Cash, available in nine countries, utilizes Binance Pay’s crypto payment technology and licensed providers to reduce the costs of digital asset transfers.
- The move addresses financial inclusion challenges, with 42% of adults in Latin America lacking bank access, while Binance deals with regulatory issues and service changes.
This development follows Binance’s decision to suspend its crypto card services in the same region, affecting less than 1% of its consumers.
Send Cash will first be available in nine countries, including Colombia, Honduras, and Argentina, and will allow customers to use Binance Pay’s crypto payment technology and the services of licensed providers to manage digital asset transfers at a lower cost.
According to Min Lin, Binance’s Regional VP for Latin America, the new product is part of the company’s ongoing efforts to develop solutions that solve local concerns in the crypto business. Lin stated,
“This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to the expansion of the benefits it offers in terms of financial inclusion, and to developing new ways of using crypto in everyday life.”
Binance noted that this strategic growth is essential in light of the World Bank’s Global Findex 2021 study, which stated that 42% of adults in Latin America and the Caribbean still do not have access to a bank account. Cryptocurrency alternatives such as Send Cash seek to bridge this gap by reducing the time and cost burden associated with financial transactions for those who already use traditional banking systems.
While Binance continues to forge partnerships with entities such as Despegar, Credencial Payment, and Vita Wallet to improve payment and remittance options, it is worth noting that the Send Cash launch comes shortly after the company decided to discontinue crypto card services in Latin America, effectively ending its partnership with Mastercard in the region.
Against this backdrop, the corporation is still navigating regulatory scrutiny, particularly in the United States and other nations. Checkout.com, a London-based credit card payment processor, recently suspended connections with Binance owing to suspected anti-money laundering, sanctions, and compliance management difficulties.
The introduction of Binance Send Cash in Latin America intends to emphasize the company’s dedication to technological innovation and financial inclusion, even as it faces regulatory obstacles and service suspensions.