Binance is launching Send Cash in Latin America, enabling users in nine countries to easily, quickly, and cost-effectively transfer crypto to local bank accounts. The new service uses Binance Pay's crypto payment technology along with licensed transfer processing providers to streamline and reduce the cost of digital transfers.

Send Cash initially targets users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico. Recipients must have bank accounts in Colombia or Argentina to receive funds at the lowest market cost. The service aims to promote financial inclusion in a region where 42% of adults still lack access to bank accounts, according to the World Bank's Global Findex 2021.

Min Lin, Regional VP for Latin America at Binance, highlighted the company's continued commitment to the crypto industry and financial inclusion in Latin America. To increase the remittance and payment options available to its users, Binance Pay recently partnered with Despegar, Credencial Payment, and Vita Wallet.