Binance launches fiat on-/off-ramp services in LATAM
Latin America is about to see a new launch of on-/off-ramp services delivered by a partnership between embedded fintech and payment infrastructure Inswitch with the world’s largest cryptocurrency exchange company Binance.
The new on-/off-ramp services will allow people to buy and sell cryptocurrencies in Latin America as the region increasingly adopts the new asset class. Users will be able to convert fiat currencies and digital assets with their Binance wallets.
The solution is integrated with the most popular payment methods, banks and local currencies across ten countries in LATAM, courtesy of Inswitch.
On-/off-ramp payment rails avoid the restrictions and issues presented by the legacy financial system and allow users to easily cash out fiat money that do not take days to settle.
Binance aims to reach a higher number of users in LATAM
Ronald Alvarenga, Chief Executive Officer of Inswitch, said: “We are working to make the whole experience of buying and selling crypto more appealing and effortless, to bring more users in LATAM to the crypto market with on-/off-ramp services for both new and existing cryptocurrency users. With a simple and friendly user experience and easily integrated APIs companies can expand their capabilities and features and become the trusted wallets of choice for the next billion cryptocurrency users”.
Lara Legros, Director Fiat LATAM of Binance, said: “We are very excited for this partnership with Inswitch, at Binance our focus is always our customers, we are committed to provide them with the most seamless, secure and optimized payment experience. We understand the peculiarities of every country in the region and this partnership will allow us to reach a higher number of users in Latam whilst maintaining our core mission Financial Inclusion.”
An “on-ramp” service for fiat money to cryptocurrency allows the exchange of fiat currencies (government-issued currency) into cryptocurrencies (Bitcoin, Ethereum, etc.). Since fiat currencies are, by far, the most widely adopted form of currency globally, exchanging fiat is the most accessible method to get cryptocurrencies. By contrast, an “off-ramp” service for fiat money to cryptocurrency allows the exchange of cryptocurrencies to fiat money.
Binance secures crypto license from CySEC
Last week, Binance announced it has secured a license from CySEC to operate as a crypto asset services provider via its local entity, Binance Cyprus Limited. The Class 3 registration allows the world’s largest crypto ecosystem to offer spot, custodian, staking and card services.
The Cypriot licensing requires the firm to adhere to strict financial standards under the MiFID II framework, including the segregation and protection of client funds, full transparency of its business operations and capital adequacy controls.
Operating under the CySEC umbrella allows Binance to leverage its new regulatory profile to expand its services into the European Markets. Launching a service under the CySEC license will also provide users with a regulated platform to work with digital asset-based investments.
