Crypto Updates

Binance Launches Crypto-to-Bank Payments in Latin America

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The cryptocurrency exchange, Binance has launched a new platform called ‘Send Cash’, which allows users from nine Latin American countries to send crypto funds directly to bank accounts based in Colombia and Argentina.

According to Binance, its users can transfer digital funds faster through licensed providers at a reduced cost with the new product.

For Binance users, Send Cash will be available in the Dominican Republic, Honduras, Panama, Costa Rica, Guatemala, Colombia, Argentina, Paraguay, and Mexico to transfer their crypto to send funds to recipients with bank accounts in Colombia and Argentina.

The move followed shortly after Binance withdrew a crypto card payment program with Mastercard in four Latin American countries, including Argentina and Colombia. Outside Latam too, Binance is struggling with its payment partners. The Changpeng Zhao-led exchange was recently caught enabling Russians to purchase cryptos on its peer-to-peer trading platform

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