Binance.US has partnered with MoonPay to offer users the ability to purchase cryptocurrencies using USDT (Tether). This collaboration aims to provide a seamless and secure way for customers to buy digital assets on the Binance.US platform. By integrating MoonPay’s payment infrastructure, Binance.US ensures a user-friendly experience while also expanding its range of payment options. This partnership aims to bridge the gap between fiat and cryptocurrencies, making it easier for USDT holders to participate in the crypto market.
Binance.US Partners with MoonPay to Restore Dollar Transactions for US Customers
Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, has announced a new partnership with cryptocurrency payments startup MoonPay in an effort to bring back dollar transactions for its US customers. This move comes after Binance.US suspended USD deposits for users in the United States due to the departure of its banking partners.
According to a recent blog post by Binance.US, the partnership with MoonPay will enable customers to buy and sell supported crypto assets on the platform using USDT, the largest stablecoin issued by Tether. Users will also have the convenience of making USDT purchases with debit Apple Pay, credit card, debit card, and Google Pay. The integration of MoonPay will replace USD as the exchange’s base asset for transactions.
The decision to suspend USD deposits on the platform was a result of the ongoing legal battle between Binance.US and the Securities and Exchange Commission (SEC). The departure of its banking partners compelled the exchange to seek alternative solutions to cater to the needs of its US customers. By partnering with MoonPay, Binance.US aims to provide a seamless user experience and ensure continued operations in the American market.
Navigating Regulatory Challenges in the United States
Binance.US and its international affiliate Binance.com have been facing regulatory hurdles in the United States. The SEC filed a lawsuit against both entities, accusing them of violating securities laws and commingling users’ funds. Despite the allegations, the judge overseeing the case denied the SEC’s request to freeze Binance.US’s assets and urged both parties to reach a compromise that would allow the exchange to continue its operations.
Binance.US has vehemently denied mishandling customer funds and highlighted the contradictory nature of the regulatory watchdog’s accusations. In parallel, Binance and its CEO, Changpeng Zhao, are also confronting a lawsuit from the Commodity Futures Trading Commission (CFTC). The company has filed for dismissal of the CFTC case, asserting that it operates outside the jurisdiction of the CFTC and other US regulators.
Despite the legal battles, Binance.US is determined to overcome these obstacles and deliver a secure and compliant platform for US users. The partnership with MoonPay is a strategic move to restore dollar transactions, enhance accessibility, and maintain its position as a leading cryptocurrency exchange in the American market.
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