Binance Launches Near-Instant Crypto-to-Fiat Withdrawals to Mastercard in Europe

• Mastercard Move, which is Mastercard’s portfolio of money movement solutions, is the engine that drives the new “Buy & Sell” service.
• Users in Europe may now convert their cryptocurrency holdings into fiat cash and transfer or withdraw the funds straight to an eligible Mastercard with near-real-time availability.

Binance, the biggest cryptocurrency exchange in the world in terms of trading volume and users, made an announcement today that users in Europe may now convert their cryptocurrency holdings into fiat cash and transfer or withdraw the funds straight to an eligible Mastercard with near-real-time availability.

Mastercard Move, which is Mastercard’s portfolio of money movement solutions, is the engine that drives the new “Buy & Sell” service, which can be accessed via the Binance website as well as the associated mobile application. Consumers have the option of either selling their cryptocurrency and transferring the fiat amounts to their card or withdrawing their current fiat balance to their card. This tool gives consumers many options. A quick, easy, and safe means of accessing funds is provided, which accelerates the process of off-ramping. Additionally, it provides an additional handy withdrawal option in addition to bank transfers and other ways that are supported.

Sell to Card vs Withdraw to Card on Binance

Primary Function

Sell to Card Feature: One may convert cryptocurrency into the required fiat money, and then transfer the fiat currency immediately to a card that is connected to the cryptocurrency and qualified for the transaction.
Withdraw to Card Feature: Make a withdrawal of your current Euro balance straight to your card, with cash being available in almost real time*

Use Case

Sell to Card Feature: Users who are currently holding cryptocurrency and want to cash out instantly.
Withdraw to Card feature: Individuals who already have a Euro balance on Binance and want to withdraw it are eligible for this service.

Currency Supported

Sell to Card Feature: Exclusively available for payments based on Euros at the moment, with support for more fiat currencies coming shortly Euro-based payouts.
Withdraw to Card Feature: Euro-based payouts only

Binance Vice President of Fiat, Thomas Gregory stated:

“At Binance, we are proud of our focus on users which has garnered the trust of nearly 300 million users and continue to further the experience for them. 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.”

Scott Abrahams, executive vice president, Global Partnerships, Mastercard stated:

“Mastercard is committed to unlocking the true potential of crypto assets for everyday use. Through our global partnership with Binance, we are thrilled to bring an enhanced payout experience to Binance users across Europe, enabled through Mastercard Move.”