Binance, the world’s largest cryptocurrency exchange by trading volume and users, has unveiled new capabilities enabling European users to convert crypto into fiat currency.
Through a new ‘Buy and Sell’ service, Binance is also enabling users to transfer or withdraw fiat funds directly to an eligible Mastercard card with near-real-time availability. Powered by Mastercard Move, the payment giant’s portfolio of money movement solutions, is now available on both the Binance website and app.
Binance’s new feature promises to streamline off-ramping by offering a fast, simple and secure way to access funds, adding another convenient withdrawal option in addition to bank transfers and other supported methods.
“At Binance, we are proud of our focus on users, which has garnered the trust of nearly 300 million users and continues to further the experience for them,” explained Thomas Gregory, vice president of fiat at Binance. “The new Sell to Card and Withdraw to Card features streamline and enhance the user experience, making payouts of crypto proceeds simpler and faster than ever for our users.
“Our goal is to continue expanding our services with global leaders and innovators in digital payments, like Mastercard, to widen access and possibilities for our broad global user base. We are looking forward to supporting additional products and features, and we remain committed to the highest standards of regulatory compliance along with our world-class security and user protection efforts.”
Simplifying crypto sales
Binance says that the primary use case for the ‘Sell to Card’ feature will be users holding crypto who want to immediately cash out. Meanwhile, the ‘Withdraw to Card’ is for users who already have a Euro balance on the platform and want to withdraw it. Both features are currently only available for Euro-based payouts, although support for more fiat currencies is coming soon for ‘Sell to Card’.
“Mastercard is committed to unlocking the true potential of crypto assets for everyday use,” added Scott Abrahams, executive vice president, global partnerships, at Mastercard. “Through our global partnership with Binance, we are thrilled to bring an enhanced payout experience to Binance users across Europe, enabled through Mastercard Move.”
