Cryptocurrency exchange Binance has launched the Send Cash platform in Latin America, which will allow local users to make transfers via Binance Pay to bank accounts.
The new feature is available in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama and Mexico.
According to the representatives of the exchange, Send Cash simplifies the transfer of cryptocurrencies by reducing time and costs. All transactions are made through licensed providers.
“This is another step forward for Binance, which reaffirms its commitment to the crypto industry in Latin America, expanding the benefits in terms of financial inclusion and developing new ways to use digital assets in everyday life,” said Ming Lin, regional manager of the company.
In 2021, 42% of adults in Latin America and the Caribbean did not have access to a bank account, according to the World Bank. Globally, this figure is 24% of the total population. Binance hopes that cryptocurrency solutions will be able to close this gap.
The company also noted that the exchange entered into partnerships with Despegar, Credencial Payment and Vita Walle to expand the payment service.
The announcement of Send Cash took place a few days after the information about the termination of cooperation between Binance and Mastercard and Visa appeared. The latter refused to issue cryptocurrency payment cards for the company, including in Latin America.
Recall that the trading platform announced its intention to stop supporting its own stablecoin BUSD in 2024.
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