Instant Transformations of Cryptocurrencies into Fiat Money Initiated by Binance and Mastercard Across Europe
Binance and Mastercard Move Partner to Simplify Crypto-to-Fiat Transactions for European Users
In a significant move to make digital money more practical for everyone, Binance, the leading crypto exchange by trading volume, has partnered with Mastercard Move, a money transfer service by Mastercard. The partnership has resulted in the launch of two new features: 'Sell to Card' and 'Withdraw to Card', enabling European users to convert their cryptocurrencies into euros and withdraw their euro balance to a linked Mastercard debit or credit card.
The new features, available in the European Economic Area (EEA) and the UK, use Mastercard Move, a money movement technology by Mastercard. Users can either sell their crypto and transfer the resulting euro fiat balance directly to their Mastercard ("Sell to Card"), or withdraw their existing euro fiat balance to their Mastercard ("Withdraw to Card").
The process is simplified into three main steps:
- Select the cryptocurrency to convert or choose the existing euro fiat balance.
- Choose “Card” as the withdrawal/payment method.
- Wait for the funds to appear on their Mastercard account, typically in seconds or near real time.
This solution significantly reduces reliance on time-consuming bank transfers or third-party services, offering European users fast, convenient access to their crypto funds for everyday spending, online purchases, or ATM withdrawals. It streamlines crypto off-ramping, making crypto assets more functional as spendable currency rather than just speculative investments.
The 'Sell to Card' service allows users to convert crypto like bitcoin, ether, or other supported tokens directly into euros. The 'Withdraw to Card' service, on the other hand, allows users who already have euros in their Binance account to transfer that balance to their card. If a Mastercard is not already linked, users will need to add it.
Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard, has expressed excitement about the enhanced payout experience for Binance users in Europe through Mastercard Move. Thomas Gregory, Vice President of Fiat at Binance, stated that the new features are designed to streamline and enhance the user experience.
The services are applicable to users in the European Economic Area and the United Kingdom (UK). The new service currently supports euro payouts, with other currencies expected to be added in the future. This partnership builds on Binance's earlier efforts, including the growth of its peer-to-peer network and the introduction of crypto-backed loans in certain areas.
Regulatory compliance, including AML and tax considerations, remains important. However, the new capability promises to accelerate retail crypto adoption and enhance liquidity for euro withdrawals.
[1] Binance [2] Mastercard [3] European Economic Area (EEA) [4] United Kingdom (UK) [5] 'Buy & Sell' feature powered by Mastercard Move
- The partnership between Binance and Mastercard has introduced the 'Buy & Sell' feature powered by Mastercard Move, allowing users in the European Economic Area (EEA) and the United Kingdom (UK) to easily convert their cryptocurrencies like Bitcoin or Ethereum into euros.
- This new feature, available within the Binance platform, not only enables users to sell their cryptocurrencies for euros but also allows them to withdraw their existing euro balance to a linked Mastercard debit or credit card, facilitating everyday spending, online purchases, or ATM withdrawals.
- The technology behind this service, Mastercard Move, is a significant innovation in the field of finance and technology, signifying a step forward in making digital currencies more practical for everyday lifestyle and business.
