Binance Launches Send Cash For Quick and Low-Cost Crypto Transfers in Nine Latin American Countries
Following Binance's suspension of its cryptocurrency debit card services, Binance is introducing a new product in Latin America called "Send Cash," which enables users from 9 countries in the region to transfer crypto using Binance Pay.
In its statement on Tuesday, Binance ‘Send Cash’ will enable users to swiftly transfer digital funds at lower costs through authorized providers.
This platform combines Binance Pay's crypto payment technology with licensed services, streamlining digital transfers for enhanced efficiency and reduced expenses.
Binance's unexpected announcement regarding the discontinuation of debit card services in Latin America and the Middle East caught attention on August 24. The tweet stated, "The Binance Card will no longer be available to users in Latin America and the Middle East."
Binance did not provide specific reasons for this service suspension, but assured that only a minimal 1% of users would be impacted by the decision.
It clarified, "Only a tiny portion of our users (less than 1% of users in the markets mentioned) are impacted by this. Users of this product will have until September 21, 2023, when the card will no longer be available for use."
In the midst of these developments, it's important to note that Binance is introducing the "Send Cash" feature, targeting users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico.
This feature enables Binance users to utilize Binance Pay to transfer their crypto assets and send funds to recipients possessing bank accounts in Colombia and Argentina. This marks the initial phase of the rollout, offering this service at the most competitive rates available in the market.
"This is another step forward for
