Binance launches crypto transfer service in Latin America

The cryptocurrency exchange Binance 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, the Dominican Republic, Panama and Mexico.

According to representatives of the exchange, Send Cash simplifies cryptocurrency transfers by reducing time and costs. All transactions are conducted through licensed providers.

“This is another step forward for Binance, reaffirming its commitment to the crypto industry in Latin America, expanding the benefits of financial inclusion and developing new ways to use digital assets in everyday life,” said Min Lin, the company’s regional manager.

According to the World Bank, in 2021, 42% of adults in Latin America and the Caribbean lacked access to bank accounts. Worldwide, this figure stands at 24% of the total population. Binance expects cryptocurrency solutions to close this gap.

The company also noted that the exchange has partnered with Despegar, Credencial Payment and Vita Walle to expand the payment service.

The announcement of Send Cash came a few days after reports of termination of Binance’s cooperation with Mastercard and Visa. The latter declined to issue crypto-payment cards for the company, including in Latin American countries.

Earlier, the trading platform stated its intention to discontinue support for its own stablecoin BUSD in 2024.