2023-08-30 12:04:29
Binance is launching a service called “Send Cash” in nine Latin American countries for direct crypto-bank transfers. Binance, the global leader of the cryptocurrency exchange, has introduced its new service called “Send Cash” for the Latin American market. This innovative feature allows users in nine Latin American countries to send cryptocurrencies directly to bank accounts using Binance Pay. The service uses licensed money transfer processors to ensure smooth and secure transactions. According to Binance’s blog post, the “Send Cash” service aims to make digital money transfers easier, reducing both time and cost. The service leverages Binance Pay’s crypto payment capabilities in conjunction with licensed financial service providers. Initially, the feature will be available to Binance users living in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama and Mexico. Binance promises to offer the most competitive fees on the market. Min Lin, Binance Regional Vice President for Latin America, emphasized that the launch of “Send Cash” is a significant milestone for Binance in its continued commitment to the Latin American crypto sector. The service aims to address the unique challenges of individuals and businesses in the region by offering customized crypto solutions for everyday use. According to data from the World Bank’s Global Fintex 2021 report, 42% of adults in Latin America and the Caribbean do not have a bank account. The global average is 24%. Binance’s “Send Cash” service aims to fill this void and provide affordable fees compared to the often outrageously expensive banking services.
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