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Binance.US partners with crypto payments giant MoonPay, reintroducing its U.S. dollar on-ramp and offering diverse payment methods, including Apple and Google Pay.
This development comes after Binance.US faced significant banking difficulties, disrupting fiat deposits on the platform. By joining forces with MoonPay, Binance.US aims to offer its customers a convenient pathway to transact in USD.
Following its decision to transition into a crypto-only platform two months ago, Binance.US announced on August 22 that it would adopt Tether (USDT) as the new "base asset" for all transactions. The strategic partnership with MoonPay facilitates USD purchases by enabling users to exchange their dollars for USDT, which can be used to trade various cryptocurrencies listed on the platform.
Although direct bank deposits remain disabled, this collaboration introduces additional funding options for Binance.US users. Notably, the partnership supports purchases through debit and credit cards, Apple Pay, and Google Pay. The availability of these payment methods ensures broader accessibility and ease for those looking to engage in cryptocurrency trading or investment.
Binance.US encountered significant challenges with its banking partners, resulting in a suspension of fiat deposits since June 9. The exchange attributed this disruption to the Securities and Exchange Commission's (SEC) lawsuit and its affiliates' alleged "aggressive and intimidating" tactics. The partnership with MoonPay is a strategic move to overcome these obstacles and restore smoother operations for its user base in the United States.
It is worth mentioning that before the legal proceedings initiated by the SEC, Binance.US allowed direct U.S. dollar deposits and withdrawals, facilitating efficient crypto transactions. However, amid a broader banking crisis affecting the crypto industry, multiple exchanges and service providers had their banking partnerships severed. These disruptions led to several crypto-friendly banks' collapse, including Silicon Valley Investment Bank, Silvergate, and Signature Bank.
As Binance.US takes this proactive step to resolve its banking challenges, users can now easily leverage the renewed USD on-ramp to facilitate cryptocurrency transactions. This partnership also signals Binance.US's commitment to enhancing user experience and maintaining its position as a leading cryptocurrency exchange in the U.S.
Photo: Kanchanara/Unsplash
