Binance launches Send Cash in Latin America

Quick Take

  • Binance launched a new platform to transfer crypto from Binance Pay called Send Cash in nine Latin American countries. 

Binance has launched a new platform that will allow for the transfer of crypto from Binance Pay in nine Latin American countries. 

Called Send Cash, users can transfer digital funds at a reduced costs more quickly through licensed providers, Binance wrote in a Tuesday statement.

The platform will first be available in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama and Mexico. Users in the nine countries can send funds to bank accounts in Colombia and Argentina in the first stage of launch. 

Latin America crypto growth

"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 developing new ways of using crypto in everyday life,"  Min Lin, Binance's Regional Vice President for Latin America, said in a statement.

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The move comes shortly after Binance ended a crypto card payment program with Mastercard across four countries, including Colombia and Argentina, on Aug. 24.

Ark Invest earlier this week highlighted growing adoption of crypto in Argentina, which has been struggling with red hot inflation. The economic backdrop has set the stage for Javier Milei, a pro-bitcoin libertarian presidenti