Binance, the world’s largest cryptocurrency exchange by trading volume, has launched a new service that allows users in Latin America to send and receive money using cash. The service, called Binance Cash, is powered by Settle Network, a Latin American digital asset settlement network.
Binance Cash enables users to deposit and withdraw local currencies, such as Argentine pesos, Brazilian reals, Colombian pesos, Mexican pesos, and Peruvian soles, using cash at over 11,000 locations across Argentina, Brazil, Colombia, Mexico, and Peru. Users can also use Binance Cash to buy and sell cryptocurrencies, such as Bitcoin, Ethereum, Binance Coin, and stablecoins, on the Binance platform.
According to Binance, Binance Cash aims to provide a fast, secure, and convenient way for users in Latin America to access the crypto market and benefit from its opportunities. Binance Cash also aims to promote financial inclusion and innovation in the region, where many people are unbanked or underbanked and face high fees and barriers to accessing traditional financial services.
Binance Cash is the latest addition to Binance’s suite of services for Latin American users, which include Binance P2P, Binance Card, Binance Earn, and Binance Futures. Binance has been expanding its presence and influence in Latin America in recent years, as the region has seen a surge in crypto adoption and demand amid economic and social challenges.
Binance Cash is currently available for users who have completed their identity verification on the Binance platform. Users can access Binance Cash by logging into their Binance account and selecting “Buy Crypto” on the homepage or menu of the platform. Users can then choose their local currency and select “Cash” as the payment method. Users can then follow the instructions on the screen to generate a voucher code that they can use to deposit or withdraw cash at their nearest location. Users can also scan a QR code or enter a phone number to send or receive cash from other users.