Binance Launches New Cryptocurrency 'Send Cash' in Latin America Amid Suspension of Crypto Card Services
Date: 2023-08-30 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Binance has launched a new solution in Latin America called Send Cash. Its goal is a more efficient transfer of cryptocurrencies to local bank transfers in order to increase the efficiency of this project.
The move follows Binance's decision to stop serving crypto cards in the same region, which reportedly affected just over 1% of its users.
Send Cash has initial distribution in nine countries such as Colombia and Honduras. Subsequently, it will become available in all the listed countries (except Argentina). The service allows you to use Binance Pay technology for online payments, as well as the services of licensed providers at reduced prices.
Binance Regional Vice President for Latin America Ming Lin said that the new product is part of the company's ongoing work to develop new solutions for the crypto industry that will solve local problems. Lin said:
“This is another step forward for Binance, which in turn supports the commitment of the crypto industry among Latin Americans and expands its benefits in terms of financial inclusion. It also develops new ways to use the Internet.”
According to Binance, the strategic expansion is of great importance, as the Global Findex 2021 report states that 42% of adults in Latin America and the Caribbean do not have access to bank accounts. Cryptocurrency solutions like Send Cash are key to bridging the time and cost gap when interacting with financial systems.
An interesting fact: the launch of Send Cash was timed to coincide with the moment when Binance ended its partnership with Mastercard in the Latin America region. The reason for this lies precisely in the cessation of servicing cards there by companies from the Despegar and Vita Wallet spheres.
Due to these events, the company is still under the control of regulatory authorities. Moreover, in America and other regions, it also continues to be under the control of regulators. Just before now, London-based credit card processor Checkout.com terminated its association with Binance due to possible issues related to money laundering abuse and compliance controls (or lack thereof).
Binance Send Cash launched in Latin America to highlight the company's commitment to technological innovation and accessibility without regard to regulatory concerns.
