Binance announced a new product for Latin America, enabling users to transfer crypto to bank accounts.
Binance, one of the largest crypto exchanges in the world, announced it plans to launch a new product called Send Cash in Latin America. With it, users from 9 countries in the region will be able to transfer crypto through Binance Pay.
According to the statement released by the company on August 29th, users could send money directly into bank accounts using “the services of licensed transfer processing providers.”
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The statement added:
“This new solution will allow people to use the crypto payment technology offered by Binance Pay and the services of licensed providers to make their digital transfers more easily, by reducing time and costs.”
Currently, only users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico can use the new product. Send Cash works with bank accounts in Colombia and Argentina.
Binance's Regional VP for Latin America, Min Lin, said that the company is committed to the crypto industry in Latin America and seeks to expand the ways crypto is used in everyday life.
He reiterated that “individuals and businesses in the region are very open to innovations that can solve the specific challenges they face and, from Binance, we continue to work to respond to them with products that fit those local needs.”
Based on the statement, Binance believes that crypto solutions could help people who don’t have access to bank accounts; it should also lessen the costs for people who already engage in traditional banking.
The move to introduce a new product to the region comes on the heels of other payment issues in Latin America. At the beginning of the week, Binance removed one of the largest Venezuelan banks from the P2P payment options. And the Binance card will no longer be serviced from September 21st onward.
