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


Binance takes on financial exclusion with ‘Send Cash’ in Latin America, sustaining innovation amid regulatory hurdles.

Cover art/illustration via CryptoSlate

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.

How To Get Free Crypto  

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.

Coinbase Banner  

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 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.

Robinhood holds over $3B in Bitcoin, ranks alongside Binance and Bitfinex’s biggest wallets

Exchanges 1 day ago 2 min read

Binance mulls exiting Russian market

Exchanges 1 day ago 2 min read

Go to Source
Author: Liam ‘Akiba’ Wright

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.