Binance Introduces New Product ‘Send Cash’ in Latin America
- Binance has introduced a new feature called ‘Send Cash,’ a crypto-to-bank account payment solution.
- Customers in nine countries in the Latin American region can send funds directly to bank accounts via Binance Pay.
- The nine countries include Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Mexico, and others.
- The new feature will allow customers “to make their digital transfers more easily, by reducing time and costs.”
The world’s largest crypto exchange, Binance, seeks to expand its presence in the Latin American region and has announced a new product called ‘Send Cash’ that would allow customers of the leading digital asset trading platform from nine countries to transfer crypto funds directly to bank accounts.
According to the official announcement from Binance, the ‘Send Cash’ feature will act as a crypto-to-bank account payment solution for the region, allowing its users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico to transfer their crypto through Binance Pay.
The exchange confirmed that the new feature will allow customers to “use the crypto payment technology offered by Binance Pay and the services of licensed providers to make their digital transfers more easily, by reducing time and costs.”
“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. Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face, and, at Binance, we continue to work to respond to them with products that fit those local needs,” said Min Lin, Regional VP for Latin America at Binance.
The official announcement from the crypto exchange also pointed out that Despegar, Credencial Payment, and Vita Wallet expanded payment and remittance options by accepting Binance Pay as a new payment method as well as optimizing cross-border payments.
Interestingly, as reported earlier by Bitnation, two months after exiting the Belgian market, the leading crypto exchange announced that its Belgian users can once again access its services. Belgium’s Financial Services and Markets Authority (FSMA) ordered the platform to exit the country in June since it was not permitted to provide services to Belgians from outside the European Economic Area (EEA).