Binance.US Collaborates with MoonPay to Introduce USD Transactions via USDT Following Two Months of Exclusive Crypto Operations
Binance.US, after transitioning into a crypto-exclusive platform for two months, has unveiled a fresh collaboration with MoonPay, a cryptocurrency payments company. This partnership aims to enable users to purchase the U.S. Dollar-pegged stablecoin Tether (USDT), valued at $1.00, for utilization on the Binance.US platform.
In an official statement on August 22, the cryptocurrency exchange declared the adoption of USDT as its new “base asset” for all transactions. The integration with MoonPay provides users with a pathway to engage in transactions using USD.
This new partnership emerges in response to Binance.US encountering challenges with its banking associations, resulting in the suspension of fiat deposits on the exchange since June 9. The disruption was attributed to what the exchange described as “aggressive and intimidating” actions from the Securities and Exchange Commission (SEC), which had filed a lawsuit against the exchange and its affiliates just four days prior to the halt in deposits.
Binance.US users seeking to add funds to their accounts can now convert their dollars into USDT, facilitating the acquisition of various other cryptocurrencies on the platform, the statement revealed.
Even though direct bank deposits are presently unavailable on Binance.US, this collaboration provides users with an alternative method for purchasing cryptocurrencies through debit and credit cards, as well as payment platforms like Apple Pay and Google Pay.
On June 23, the exchange encountered complications related to USD-denominated withdrawals, although it managed to restore the feature on a temporary basis. During this period, a cautionary message was issued, indicating the eventual discontinuation of the service.
Before Binance.US and its affiliated entities encountered a lawsuit from the SEC, the exchange facilitated the buying and selling of well-known cryptocurrencies via direct USD deposits and withdrawals.
In March, several cryptocurrency exchanges and service providers faced the loss of their banking affiliations amidst a broader banking turmoil, which witnessed several crypto-supportive banks, including Silicon Valley Investment Bank, Silvergate, and Signature Bank, experiencing setbacks within a few weeks’ time.