According to a Financial Times story, Binance is collaborating with Spanish bank BBVA (Banco Bilbao Vizcaya Argentaria) to enable users to keep their assets off the cryptocurrency exchange. The report, which cited two people with knowledge of the situation, states that the Spanish bank is one of the few independent custodians for the largest cryptocurrency exchange in the world.
The move comes as Binance faces increased regulatory scrutiny around the world, and crypto exchanges try to assure investors that their funds are safe after FTX collapsed in 2022. Last February, US authorities fined Binance USD 4.3 billion for violating federal anti-money laundering and sanctions laws by failing to monitor its internal controls and sentenced its founder and chief executive, Changpeng Zhao, to four months in prison.
Still, Binance has remained the world’s largest cryptocurrency exchange by trading volume, handling billions of dollars in trades daily across hundreds of cryptocurrencies.
Meanwhile, European users can now convert cryptocurrency into fiat and withdraw money straight to a Mastercard that is eligible for almost instantaneous settlement, thanks to a new feature Binance has introduced. With the help of Mastercard Move, the payment behemoth’s suite of money-movement tools, the service is operational on the Binance website and app.
Two components make up the new functionality: a “sell to card” option that instantly transfers the money to the user’s Mastercard after converting cryptocurrency into euros. The “withdraw to card” option is an additional choice that enables users to transfer their current euro balances from Binance straight to their card.
Currently, only euro-based payouts are available for both services; additional currencies should be added soon. The new features are intended to simplify cryptocurrency payments, according to Thomas Gregory, vice president of Fiat at Binance.
“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,” the senior official stated further.
This update makes off-ramping easier for users who prefer fast access to their money without using conventional bank transfers. With availability in almost real time, it fills a significant gap between regular fiat spending and cryptocurrency wallets.