tl;dr
Binance has launched a feature allowing European and UK users to withdraw cryptocurrency directly to their Mastercard, converting crypto to fiat and transferring funds via the 'Buy & Sell' platform powered by Mastercard Move. Available on Binance’s website and app, this service supports Euro payouts...
Binance has introduced a new feature allowing European and UK users to withdraw cryptocurrency directly to their Mastercard. This service enables users to convert crypto assets into fiat currency and transfer funds seamlessly to a Mastercard debit or credit card via the ‘Buy & Sell’ platform powered by Mastercard Move. Available on both Binance’s website and app, this innovation aims to simplify and accelerate the off-ramping process for crypto holders.
With the new Sell to Card and Withdraw to Card functions, Binance enhances user experience by providing faster, simpler, and more secure payout methods. Currently supporting Euro-based payouts, this feature will soon expand to include additional fiat currencies. It complements existing withdrawal options such as bank transfers, offering versatile ways for users to manage and access their funds.
Thomas Gregory, Binance Vice President of Fiat, emphasized the company’s commitment to user-centric services and regulatory compliance as they continue expanding partnerships with digital payment leaders like Mastercard. Scott Abrahams from Mastercard highlighted the collaboration aims to unlock new potentials for crypto assets, improving payout experiences for Binance’s extensive user base.
In related developments, Europe plans to launch the European Digital Identity (EUDI) Wallet to streamline and secure identity verification for its citizens. Expected to be adopted by nearly 80% of EU residents by 2030, the wallet will provide a reliable and user-friendly authentication alternative. Mastercard is actively involved in this initiative, striving to integrate secure payment credentials into EUDI Wallets and collaborating with identity technology partners to enhance digital security.
The move addresses significant challenges in online security, as identity theft accounts for over 40% of fraud within the European Union, with more than 60% of Europeans facing difficulties during ID verification processes. Partnerships with organizations like EMVCo, the FIDO Alliance, and the OpenWallet Foundation underpin efforts to create a consistent, trusted global identity ecosystem, ensuring smooth access to financial services and government platforms for over 500 million Europeans.