Binance launches new crypto on-ramp ‘Send Cash’ in Latin America amid crypto card service suspension

cyptouser8 months agoDerivatives Exchanges194

Binance launches new crypto on-ramp ‘Send Cash’ in Latin America amid crypto card service suspension

Binance is launching a new solution in Latin America called Send Cash, designed to facilitate more efficient crypto to local bank transfers.

This advancement comes on the heels of Binance’s decision to discontinue its crypto card services in the same region, a move that reportedly affected less than 1% of its users.

Available initially in nine countries, including Colombia, Honduras, and Argentina, Send Cash will enable users to leverage Binance Pay’s crypto payment technology and the services of licensed providers to handle digital asset transfers at reduced costs.

Min Lin, Regional VP for Latin America at Binance, stated that the new product is part of the company’s continuous efforts to devise solutions that address local challenges in the crypto industry. Lin said,

“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 stated that this strategic expansion is significant considering the World Bank’s Global Findex 2021 report, which stated that 42% of adults in Latin America and the Caribbean still lack bank account access. Cryptocurrency solutions like Send Cash aim to bridge this gap and alleviate the time and cost burden associated with financial transactions for those who already engage with traditional financial systems.

While Binance continues to forge partnerships with entities like Despegar, Credencial Payment, and Vita Wallet to enhance payment and remittance alternatives, it is interesting to note that the Send Cash launch follows shortly after it decides to cease crypto card services in Latin America, ending its partnership with Mastercard in the region.

Against the backdrop of these developments, the company continues to navigate regulatory scrutiny, particularly in the United States and other regions. Most recently, London-based credit card payment processor Checkout.com severed ties with Binance due to alleged issues with anti-money laundering, sanctions, and compliance controls.

Binance’s launch of Send Cash in Latin America aims to highlight the company’s commitment to technological innovation and financial inclusion, even as it grapples with regulatory challenges and service suspensions.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Grayscale’s AUM soars after court win, but it faces stiff competition in ETF markets

The days since Grayscale’s critical court win against the SEC have seen the company face c...

Bankrupt BlockFi proposes client asset conversion into stablecoins for trade-only wallets

Cryptocurrency lender BlockFi has filed a proposed court order seeking approval to convert...

Class action case against Bitfinex gets dismissed, marking another legal win

Class action case against Bitfinex gets dismissed, marking another legal win

Crypto exchange Bitfinex has secured another significant legal victory, as a class action lawsuit ag...

Bitmain, Anchorage Digital eye equity stake in Core Scientific comeback from bankruptcy

Bitmain, Anchorage Digital eye equity stake in Core Scientific comeback from bankruptcy

Core Scientific, one of North America’s largest crypto mining companies, recently filed an upda...

SEC’s sealed motion against Binance could be related to DOJ charges: Former SEC official

The U.S. Securities Exchange Commission (SEC) submitted a sealed and potentially high-impact court f...