Binance.US, the American affiliate of cryptocurrency exchange Binance, has announced a partnership with MoonPay to enable customers to purchase the US dollar-pegged stablecoin Tether (USDT) and resume USD deposits and withdrawals. This comes after Binance.US lost its banking partners following a lawsuit from the SEC and transitioned to a crypto-only platform. The new collaboration with MoonPay allows customers to transact in US dollars (USD) through USDT.
Binance.US has partnered with MoonPay to support USD deposits and withdrawals. Following the loss of its banking partners after a lawsuit by the SEC, Binance.US switched to a crypto-only platform. The partnership with MoonPay allows customers to purchase the stablecoin Tether (USDT) and transact in US dollars on the platform.
Customers Can Now Use USD on Binance US
Binance.US had faced a breakdown in its banking relationships, resulting in the suspension of fiat deposits in June. The company blamed the Securities and Exchange Commission for the disruption, accusing them of using aggressive tactics. As a result, Binance.US made USDT the new “base asset” for all transactions. The partnership with MoonPay now provides customers with an on-ramp to transact in US dollars. Customers can convert USD to USDT and use it to buy other cryptocurrencies on the platform. The collaboration allows purchases through debit and credit cards, as well as Apple Pay and Google Pay. Direct bank deposits, however, remain disabled.
Binance.US is the American affiliate of the cryptocurrency exchange Binance. It provides a secure and trusted platform for users to trade a wide range of cryptocurrencies. The platform aims to serve the needs of American traders and investors, complying with local regulations and offering a seamless trading experience.
MoonPay is a global cryptocurrency payments company that enables users to purchase cryptocurrencies using various payment methods. Its platform supports debit and credit card payments, as well as Apple Pay and Google Pay. MoonPay aims to make cryptocurrency accessible to everyone by simplifying the purchasing process and offering a seamless user experience.
1. Why did Binance.US lose its banking partners?
Binance.US lost its banking partners after the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its affiliates. The lawsuit resulted in the suspension of fiat deposits on the platform.
2. What is the partnership between Binance.US and MoonPay?
The partnership between Binance.US and MoonPay allows customers to purchase the stablecoin Tether (USDT) and transact in US dollars on the platform. Customers can convert USD to USDT and use it to buy other cryptocurrencies.
3. What payment methods are supported by MoonPay?
MoonPay supports debit and credit card payments, as well as Apple Pay and Google Pay. These payment methods can be used to purchase cryptocurrencies on the Binance.US platform.
4. Can customers still make direct bank deposits on Binance.US?
Direct bank deposits on Binance.US are currently disabled. The partnership with MoonPay provides an alternative method for customers to transact in US dollars.
5. What is the purpose of the stablecoin Tether (USDT)?
Tether (USDT) is a stablecoin that is pegged to the US dollar. It is designed to maintain a 1:1 ratio with the USD, providing stability and acting as a digital representation of the US dollar in the cryptocurrency market.