Binance, the leading global blockchain and cryptocurrency infrastructure provider, has introduced Send Cash, a groundbreaking product aimed at transforming Latin America’s financial landscape. Send Cash will usher in a new era of efficient and cost-effective cross-border transactions by facilitating seamless cryptocurrency transfers to bank accounts in select countries in the region through Binance Pay. Meanwhile, critical developments took place for Tether and SEBA. Here are the details…
Binance made critical announcement
This innovative solution is expected to play a key role in increasing Binance’s presence in the Latin American market and strengthen its commitment to promoting financial inclusion. Send Cash empowers both individuals and businesses, providing a way to overcome financial challenges with greater efficiency, shorter transaction times and minimized costs. The first phase of Send Cash’s rollout will include users in countries such as Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama and Mexico. At this stage, crypto holders will be able to seamlessly transfer cryptocurrencies to buyers with bank accounts in Colombia and Argentina using Binance Pay.
In particular, Send Cash aims to offer the most competitive transaction costs available and position it as an attractive solution for the region’s population. Binance Latin America Regional Vice President Min Lin highlighted the importance of this launch in addressing the unique financial barriers faced by individuals and businesses in the region. “This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, expanding the benefits it offers in terms of financial inclusion, and developing new ways to use crypto in everyday life,” Lin said. said. Lin also highlighted Binance’s commitment to tailoring its products to meet the specific needs of local communities.
SEBA gets approval from SFC
The Hong Kong arm of crypto-friendly Swiss bank SEBA Bank has received in-principle approval from the Hong Kong Securities and Futures Commission (SFC) allowing it to trade in crypto assets. On August 30, SEBA Hong Kong said its license, approved in principle, will allow it to work with crypto products such as over-the-counter derivatives, provide advice on crypto assets and conduct asset management for discretionary accounts in crypto assets. SEBA Hong Kong’s Asia-Pacific CEO Amy Yu said Hong Kong provides tremendous potential due to the SFC’s crypto-asset regulatory framework and the city’s legal system.
Yu added that although there is a ban on crypto trading in China, Hong Kong is “in a good position to enter the Chinese market when it opens” because it is strategically located due to its proximity to the mainland and also being a Special Administrative Region of China. SEBA Bank offers both traditional banking and crypto services such as trading, staking, lending and custody in Switzerland. SEBA’s approval in principle came amid a flurry of regulated crypto activity in Hong Kong.
Tether adds Britannia Bank&Trust
Finally, Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Bank & Trust, a private bank based in the Bahamas, to process dollar transfers on its platform. According to an Aug. 29 report from Bloomberg, citing people familiar with the matter, it appears that Tether has instructed its customers to send money to Britannia’s bank account over the past few months.
However, it is not clear when Tether’s banking relationship with Britannia Bank began, although other reported banking partners include Deltec Bank and Capital Union Bank. In recent months, United States-based cryptocurrency firms have increasingly been forced to look overseas for banking partners due to increased scrutiny from US regulators following the shock collapse of FTX in November.
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