Binance Discontinues Using Third-party Banks and Introduces its own Cryptocurrency to Cash Off-ramp Service.


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.

Stay in the know on crypto by frequently visiting Crypto News Today

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.

CryptoCaster Quick Check:

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.CRYPTOCASTER® - DECENTRALIZED FREEDOM!

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like