Binance Ditches Third-Party Banks As It Unveils Its Own Crypto-To-Cash Off-Ramp Service

Amid regulatory scrutiny and potential legal repercussions, Binance moves forward with its developmental processes by launching a new crypto-to-cash bank service in Latin America. 

Binance Launches “Send Cash” In Latin America

Binance, the world’s leading crypto exchange has shocked the industry after announcing the launch of a new crypto-to-bank payment platform, Send Cash in nine countries in Latin America. 

According to Binance, Send Cash will allow users in these countries to transfer their digital assets via its borderless payment technology, Binance Pay. Send Cash will also allow the exchange’s users in these regions to receive fiat currency with an equivalent value of their digital assets directly into their bank accounts. 

Binance has stated that its new payment solution is supported by licensed transfer processing providers within Latin America, ultimately facilitating easier and faster transfer of digital assets with reduced costs. 

Regional Vice President For Latin America at Binance, Min Lin was enthusiastic about the newly launched service. He said that releasing Send Cash in Latin America has been a long-awaited project and marks a significant step in the exchange’s advancement while also solidifying its position as the world’s largest crypto exchange. 

He stated that the expansion into Latin American markets will facilitate inclusion and increase the adoption of cryptocurrencies, allowing users in the regions to overcome payment barriers while also ensuring the payment needs of locals within the countries are met.

“This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to the expansion of the benefits it offers in terms of financial inclusion, and to develop new ways of using crypto in everyday life,” Lin said. “Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face and, from Binance, we continue to work to respond to them with products that fit those local needs.”

Send Cash will be available to Binance users in these Latin American countries – Paraguay, Argentina, Dominican Republic, Honduras, Costa Rica, Colombia, Panama, Guatemala, and Mexico.

BNB price recovers with general market | Source: BNBUSD on Tradingview.com

Fighting Legal Battles While Launching New Latin American Payment Solution

The launch of the new Send Cash payment solution comes as Binance disclosed its decision to halt crypto operations in Russia after facing legal scrutiny over its crypto operations within the region. 

Binance has also been embroiled in a legal battle with the United States Security and Exchange Commission (SEC) which alleged that the exchange was selling unregistered securities. 

Recently, the crypto exchange has been struggling with regulatory challenges, pushing it to suspend all crypto operations in Belgium after allegedly violating laws by offering exchange services in Belgium. In an effort to salvage some of its customers and meet regulatory requirements, the crypto exchange moved its Belgium customers to its Polish branch. 

All things considered, Binance has seen its fair share of regulatory hurdles. However, the crypto exchange has not been without some positive news. 

The expansion into Brazilian markets may help facilitate better adoption of the crypto exchange. Reports also reveal that the Bitcoin lightning network integrated into Binance is recording some of the highest adoption rates ever. 

Featured image from PYMNTS, chart from Tradingview.com