- Binance.US seeks a new payment provider after losing traditional banking partners due to regulatory pressure.
- Binance.US has also introduced channels for customers to fund their Tether (USDT) balances with dollars (USD) through a partnership with MoonPay, allowing easier USD on-ramps for crypto transactions.
- Binance.US has shifted to using USDT as the base asset for transactions, introducing a feature called “Enhanced Buy & Sell Crypto.”
The U.S. arm of the popular crypto exchange, Binance, is working hard to stay afloat and find a payments provider willing to work with it. Binance.US has found an alternative fiat on/off ramp after its traditional banking partners pulled the plug due to regulatory pressure.
Binance.US announced new channels on August 22 to allow customers to fund their Tether (USDT) balances with dollars (USD) via partner services.
Binance and MoonPay Partnership
As part of its transition to a crypto-only exchange, the company stated that it has now replaced USD with USDT as the new base asset for transactions.
In June, Binance.US suspended USD deposits, citing challenges with banking partners. The move came after the SEC used what is described as “extremely aggressive and intimidating tactics” against the firm, suing it for several alleged misdemeanors and attempting to freeze its assets.
The company has now partnered with MoonPay, which provides “reliable USD payment solutions to Binance.US customers.” According to the company;
“To make it easier to fund your account with USDT, we’ve partnered with third-party payment providers like MoonPay to offer convenient new USD on-ramps that support USDT purchases with debit card, credit card, Apple Pay, and Google Pay.”
MoonPay is now integrated with Binance.US; therefore, users in the United States can directly fund their mobile wallets with USDT. MoonPay allows you to buy the world’s largest stablecoin with USD, eliminating the need for third-party banks.
MoonPay does, however, have some basic KYC requirements, such as providing your name, date of birth, and billing address for the first transaction. “On average, verification takes just 60 seconds to process,” according to Binance.US.
Binance.US’s new feature is called “Enhanced Buy & Sell Crypto.” The exchange still supports over 150 cryptocurrencies, and you can exchange them for USD using MoonPay.
About MoonPay
MoonPay is a US-registered money service company that operates in more than 160 countries and is trusted by over 300 leading wallets, websites, and applications. The company claims 5 million users and supports more than 80 assets.
