By introducing a new crypto-to-cash bank service in Latin America, Binance continues with its development efforts despite regulatory scrutiny and probable legal ramifications.
“Send Cash” is introduced by Binance in Latin America
The biggest cryptocurrency exchange in the world, Binance, startled the market when it revealed that it will be launching Send Cash, a new cryptocurrency-to-bank payment network, in nine Latin American nations.
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Users in these nations will be able to transfer their digital assets using Binance Pay, the company’s borderless payment system, thanks to Send Cash, the company claims. Users of the exchange in these areas will also be able to receive fiat money comparable to the value of their digital assets straight into their bank accounts thanks to Send Cash.
According to Binance, its new payment solution is supported by authorized transfer processing companies in Latin America, enabling simpler, quicker, and more affordable transfers of digital assets.
Min Lin, Binance’s regional vice president for Latin America, was ecstatic about the recently introduced service. He claimed that the launch of Send Cash in Latin America was a long-awaited project that was an important step in the exchange’s development and cemented its status as the biggest cryptocurrency exchange in the world.
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According to him, the company’s entry into Latin American markets would boost cryptocurrency adoption and make it easier for people to use them. This will help users in the region get around payment restrictions and ensure that locals’ payment needs are satisfied.
In Lin’s words, “This is another step forward for Binance, which renews its commitment to the crypto business in Latin America, to the extension of the benefits it offers in terms of financial inclusion, and to the development of new methods to use crypto in daily life. “The people and companies in the area are very receptive to innovations that can address the particular problems they are currently facing, and at Binance, we continue to work to provide them with products that meet those local needs.”
Users of Binance in Paraguay, Argentina, Dominican Republic, Honduras, Costa Rica, Colombia, Panama, Guatemala, and Mexico will have access to Send Cash.
While Introducing New Latin American Payment Solution, Legal Battles are Being Fought
The introduction of the new Send Cash payment option coincides with Binance’s announcement that it has decided to cease cryptocurrency activities in Russia following legal scrutiny of those operations there.
The United States Security and Exchange Commission (SEC), which claimed that the exchange was trading unregistered securities, has also been fighting Binance in court.
The cryptocurrency exchange has recently struggled with regulatory issues, forcing it to halt all cryptocurrency activities in Belgium after being accused of breaking the law by providing exchange services there. The cryptocurrency exchange transferred its Belgian customers to its Polish office in an effort to retain some of its clients and comply with regulatory obligations.
In the grand scheme of things, Binance has encountered its fair share of regulatory obstacles. The cryptocurrency exchange has received some good news, though.
The crypto exchange may benefit from better adoption as a result of its entry into Brazilian markets. According to reports, Binance’s integration of the Bitcoin Lightning Network is experiencing some of the best adoption rates ever.
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