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Binance, the world's largest cryptocurrency exchange by trading volume and users, has launched a new service allowing European users to convert cryptocurrency into fiat currency and transfer funds directly to eligible Mastercard accounts with near real-time availability.
The new "Buy & Sell" service, available on both the Binance website and app, is powered by Mastercard Move, Mastercard's portfolio of money movement solutions. The feature allows users to either sell their cryptocurrency and transfer the fiat balances to their card or withdraw their existing fiat balance to card.
The service offers two distinct functions: a "Sell to Card" feature that converts cryptocurrency to the desired fiat currency and sends it directly to a linked eligible card, and a "Withdraw to Card" feature that allows users to withdraw existing Euro balances directly to their card. Both services offer near real-time funds availability.
Currently, the service supports Euro-based payouts, with support for additional fiat currencies expected to launch soon. The new capabilities are designed to streamline off-ramping by offering what the company describes as a fast, simple and secure way to access funds, adding to existing withdrawal options including bank transfers.
"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," said Thomas Gregory, Binance Vice President of Fiat. "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," Gregory added.
The partnership with Mastercard represents Binance's efforts to bridge traditional financial services with cryptocurrency trading. The service aims to simplify everyday spending for cryptocurrency holders by reducing the time and complexity typically associated with converting digital assets to spendable fiat currency.
"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," said Scott Abrahams, Executive Vice President, Global Partnerships, Mastercard.
