Binance announced on August 29, 2023 that it is launching Send Cash in Latin America, a new product that allows users to transfer crypto from Binance Pay to bank accounts in Colombia and Argentina. The service is currently available in nine countries: Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico.
Send Cash uses Binance Pay’s crypto payment technology along with licensed transfer processing providers to streamline and reduce the cost of digital transfers. Users can transfer Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Tether (USDT), and Binance USD (BUSD) through Send Cash.
The launch of Send Cash comes after Binance suspended its cryptocurrency debit card services in several European countries in June 2023.Binance is one of the largest cryptocurrency exchanges in the world, and it has been expanding its operations in Latin America in recent years. The launch of Send Cash is a further sign of Binance’s commitment to the region.
Here are some of the benefits of using Send Cash:
- It is a fast and convenient way to transfer crypto to bank accounts.
- It is a secure way to transfer crypto, as Binance Pay uses industry-leading security measures.
- It is a low-cost way to transfer crypto, as Binance Pay charges a low fee for each transaction.
If you are a resident of one of the nine countries where Send Cash is available, you can use the service to transfer crypto to your bank account quickly, easily, and securely.
Binance announced on August 24, 2023 that it is suspending its cryptocurrency debit card services in Latin America and the Middle East.
Binance is one of the largest cryptocurrency exchanges in the world, and it has been expanding its operations in Latin America in recent years. The suspension of the debit card services is a setback for the company, but it is still committed to the region.
The launch of Send Cash is a further sign of Binance’s commitment to Latin America. The service is designed to make it easier and cheaper for users to transfer crypto to bank accounts in the region.
Binance is also working on other products and services that are tailored to the needs of Latin American users. The company is committed to providing innovative and accessible products that can help to promote financial inclusion in the region.
Here are some of the reasons why Binance might have suspended its debit card services in Latin America and the Middle East:
- Regulatory uncertainty: The cryptocurrency industry is still in its early stages of development, and regulations are evolving rapidly. This can make it difficult for cryptocurrency exchanges to operate in some jurisdictions.
- Compliance costs: Cryptocurrency exchanges are subject to a variety of compliance requirements, which can be costly to implement and maintain.
- Competition: The cryptocurrency industry is becoming increasingly competitive, and Binance may be facing pressure from other exchanges.
Whatever the reasons, the suspension of the debit card services is a setback for Binance. However, the company is still committed to Latin America, and it is launching new products and services that are designed to meet the needs of users in the region.
Binance Pay Expands Cryptocurrency Payment Options through Strategic Partnerships
Binance Pay has been making significant strides to expand its reach and influence in the payment and remittance landscape. The partnerships with Despegar, Credencial Payments, and Vita Wallet are just a few examples of this.
The partnership with Despegar is a major milestone for the cryptocurrency industry. It is the first time that a major online travel agency has accepted cryptocurrency payments. This could pave the way for other travel agencies to accept crypto payments in the future.
The partnership with Credencial Payments is also significant. It gives Binance Pay users the ability to make real-time crypto payments at any merchant that accepts Credencial Payments. This is a major step forward for the adoption of cryptocurrency payments in Latin America.
The partnership with Vita Wallet is still in its early stages, but it has the potential to make a big impact on the remittance market. Vita Wallet is a mobile app that allows users to send and receive money in real time, with low fees. By integrating with Binance Pay, Vita Wallet could make it easier and cheaper for people to send remittances using cryptocurrency.
These partnerships are a sign of Binance Pay’s commitment to growing the adoption of cryptocurrency payments. The company is working with major players in the payment and remittance industries to make it easier and more convenient for people to use cryptocurrency.