Binance Debuts Crypto-To-Fiat Feature In 8 Countries Just As FinCEN Bans Bitzlato

Crypto exchange Binance BNB/USD has added a "Send Cash" function on its Binance Pay app — a feature that allows users to send crypto to their bank and make it arrive as fiat currency.

You can now transfer crypto from #Binance to your bank and it will arrive in fiat. Pretty neat!
Available in selected regions. #BinanceBuild making adoption easier one day at a time. pic.twitter.com/TyIoTXzbHZ

— Binance (@binance) January 24, 2023

The feature is currently available in eight countries, including Hong Kong, the Philippines, India, Ghana, Pakistan, Vietnam, Egypt, and Bangladesh.

“We are working hard to make it available in as many countries as possible," the company said via Twitter.

Binance explains on its site that fees and timing will be dependent on the nation and bank where the transfer is taking place.

Binance recently announced that Swift bank transfers will no longer be available to buy and sell crypto with U.S. dollars for amounts under $100,000.

The Changpeng Zhao-led company processed almost $346 million in Bitcoin BTC/USD for Bitzlato, a digital exchange whose founder was arrested in the U.S. for allegedly running a “money laundering engine.” The U.S. Financial Crimes Enforcement Network (FinCEN) subsequently banned the transmission of funds to Bitzlato by financial institutions starting on Feb. 1.

FinCEN did not name Binance or any other firms among those subject to the ban.

Cover image by Gerd Altmann from Pixabay