Binance has launched a new cryptocurrency transfer service called Send Cash, enabling users in nine countries in Latin America to transfer crypto via Binance Pay.
The recent statement notes that it aims to solve “specific challenges” that citizens in the region face.
Binance Aims To Increase Payment Efficiency in Latin America
The August 29 statement outlines that Send Cash will roll out in nine countries across Latin America. These include, Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico. It notes that it will allow them to send funds to bank accounts in two of those countries:
“To transfer their crypto through Binance Pay to send funds to recipients with bank accounts in Colombia and Argentina, in a first stage, at the lowest cost in the market,” it states.
Binance highlights tackling financial inclusion as the main driver behind the project:
“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.”
Recent reports have disclosed that the Binance card, which was a partnership with Mastercard, has ceased operating in the region.
“The Binance Card will no longer be available to users in Latin America and the Middle East,” the statement declared.
Recent Banking Uncertainty In The Region
Recently, Binance peer-to-peer (P2P) users have raised concerns about the absence of the Banco de Venezuela option in the app. Owned by the Venezuelan government, the bank stands as the most commonly utilized financial institution in the country.
The unavailability of the government bank remains a puzzling issue. Users of other private banks have continued accessibility.
As conveyed by local Binance brand ambassadors within a Telegram group, they attribute this unavailability to regulatory factors. The ambassadors stated that the purpose behind this was to ensure compliance with both local regulatory standards and international norms.
“Payment methods on the platform that do not conform to their compliance policies will no longer be available,” they stated.
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