Leading global blockchain and cryptocurrency infrastructure provider Binance has introduced its groundbreaking product, Send Cash, which aims to transform Latin America’s financial landscape. Send Cash will usher in a new era of efficient and cost-effective cross-border transactions by facilitating seamless crypto transfers to bank accounts in select countries in the region via 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 an important role in increasing Binance’s presence in the Latin American market and reinforce its commitment to fostering financial inclusion. Send Cash provides a way to overcome financial challenges with greater efficiency, shorter transaction times and minimized costs, empowering both individuals and businesses. The first phase of the rollout of Send Cash 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.” 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 policy approval from the Hong Kong Securities and Futures Commission (SFC) allowing it to trade cryptoassets. On August 30, SEBA Hong Kong said that its license, which was approved in principle, would allow it to work with crypto products such as over-the-counter derivatives, advise on cryptoassets, and conduct asset management for on-demand accounts in crypto-assets. Amy Yu, CEO of SEBA Hong Kong Asia-Pacific, said Hong Kong provides enormous 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
Most recently, Tether, the stablecoin issuer behind USDT, has reportedly added Britannia Bank & Trust, a Bahamas-based private bank to process dollar transfers on its platform. Tether appears to have instructed its clients to send money to Britannia’s bank account in the past few months, according to a Bloomberg report dated August 29, citing people familiar with the matter.
However, it’s unclear when Tether’s banking relationship with Britannia Bank began, but other reported banking partners include Deltec Bank and Capital Union Bank. In recent months, United States-based crypto firms have increasingly had to seek overseas for banking partners, amid increasing scrutiny from US regulators following the shock collapse of FTX in November.
