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Crypto News - Archive

Binance Introduces New Crypto-to-Bank Transfer Service in Latin America Amid Regional Financial Challenges

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

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2 mins
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Category

Crypto News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update


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Cryptocurrency giant Binance is pushing deeper into the Latin American market with the launch of “Send Cash,” a product designed to enable direct crypto transfers to bank accounts in Argentina and Colombia. This new offering is available to users in nine countries across the region, including Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico.

The “Send Cash” service is an extension of Binance Pay, the exchange’s in-house payment platform, which has previously gained traction in Africa, Asia, and Eastern Europe. It enables users to send cryptocurrency to bank accounts in the two aforementioned Latin American countries, effectively simplifying the remittance process.

Binance’s expansion into Latin America aligns with the region’s growing openness to crypto adoption as a solution to its specific financial challenges. According to a 2021 World Bank study, 42% of adults in the region lack access to traditional banking, and the usage of cryptocurrencies for remittances is on the rise. Moreover, several countries in the region are grappling with severe inflation, with Venezuela leading the pack at 398%, followed by Argentina at 113%.

Despite this expansion, Binance faced a setback recently when it had to suspend its crypto debit card services in Latin America on August 24. This comes as stablecoin issuer Circle collaborates with Mercado Pago, Latin America’s largest fintech firm, to introduce its USD Coin in Chile.

The development is seen as part of Binance’s broader strategy to integrate cryptocurrencies into everyday financial operations, particularly in regions like Latin America, where financial systems face various limitations and challenges.