Binance Introduces Crypto-to-Fiat Conversion for European Mastercard Users

According to the announcement from Binance, European users can now convert their cryptocurrency holdings into fiat currency and withdraw the funds directly to an eligible Mastercard with near-real-time availability. This new 'Buy & Sell' service is accessible via both the Binance website and app, and is powered by Mastercard Move, a portfolio of money movement solutions. The feature allows users to either sell their crypto and transfer the fiat balances to their card or withdraw their existing fiat balance to the card. This service aims to streamline the off-ramping process by providing a fast, simple, and secure method to access funds, adding another convenient withdrawal option alongside bank transfers and other supported methods. To utilize this service, users must log in to their Binance account on the Binance website or app and navigate to the 'Sell' or 'Withdraw' section on the 'Buy & Sell Crypto' page. For selling, users select the cryptocurrency they wish to sell and choose the fiat currency they want to receive. For withdrawing, users select EUR and enter the desired amount in EUR. They must then select a linked card or add a new card if one has not been linked yet, complete the security verification, and follow the instructions to finalize the order. Users are required to update their Binance App to iOS version 2.102.3 or Android 2.102.4 or above to access the 'Sell to Card' or 'Withdraw to Card' options. Terms and conditions apply, and actual posting times for approved transactions will depend on the receiving financial institution.