According to recent reports, Binance plans to broaden its services in Latin America through the official launch of a new cryptocurrency-to-bank account payment method.
Binance Introduces ‘Send Cash’
As per the statement released by Binance on August 30, the company is collaborating with authorized transfer processing companies for its new “Send Cash” offering, which enables customers in nine different countries to send cryptocurrency cash directly to a bank account.
Nine Countries to Receive the Feature
With the new update, users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico will have access to the service. Binance Pay will allow residents of the mentioned countries to transfer money to people in Colombia and Argentina who have financial accounts.
Min Lin, Binance’s regional vice president for Latin America talked about how the company had developed new cryptocurrency application scenarios “in everyday life.”
He states: “Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face.”
Users Can Use the Feature via Binance Pay
Binance Pay is a contactless, borderless, and secure cryptocurrency payment technology developed by Binance. The exchange’s in-house platform for cryptocurrency payment technologies has witnessed expansion in Africa, Asia, and Eastern Europe.
Maximiliano Hinz, the chief executive at Binance Latin America, recently asserted that increased inflation is the primary catalyst of the most recent increase in customers at the largest cryptocurrency exchange.
The news comes at a time when the crypto trading platform is facing a number of legal issues that raise concerns about its adherence to international rules and regulations. The exchange is apparently looking into various options for conducting business in many countries amid legal and regulatory instability.
The latest statement from Binance revealed that its Poland division will allow Belgian people to access its services.
However, as reported by TheCoinRise, the leading crypto exchange is looking into an entire withdrawal from the Russian market due to ongoing investigations by the US Justice Department into whether Binance was used by Russian organizations to avoid US sanctions.