Binance.US taps MoonPay as banking alternative to regain USD ramps - Mon Wellness

Binance.US taps MoonPay as banking alternative to regain USD ramps

After having its banking ties slashed, crypto exchange Binance.

US has revived its United States dollar on-ramp through a new partnership with MoonPay.

Two months after becoming a crypto-only platform, Binance.

US has announced a new partnership with crypto payments firm

MoonPay to allow users to buy the U.S. dollar-pegged stablecoin Tether USDTtickers down$1.00

to use on its platform.

The crypto exchange announced on Aug. 22 that USDT was being adopted as the

new “base asset” for all transactions, and its partnership with MoonPay

allows a path for users to transact in USD.

The new partnership comes in the wake of Binance.US suffering a breakdown

with its banking partners, which saw fiat deposits on the exchange halted as of June 9.

At the time, it cited “aggressive and intimidating” tactics from the Securities and

Exchange Commission — which sued the exchange and its affiliates

four days prior — as the reason for the disruption.

Binance.US customers looking to fund their accounts can now exchange dollars for USDT,

which can in turn be used to purchase other cryptocurrencies on the platform, according to the statement.

While direct bank deposits remain disabled on Binance.US, the partnership offers

users an on-ramp that supports purchases through debit and credit cards

along with Apple and Google Pay.

On June 23, the exchange experienced a series of issues with USD-denominated

withdrawals but managed to temporarily recover the functionality. At the time,

it warned that the service would be discontinued in the near future.

Prior to Binance.US and its affiliates being hit by a lawsuit from the SEC,

the exchange supported the purchase and sale of popular cryptocurrencies

through direct USD deposits and withdrawals.

In March, a number of crypto exchanges and service providers lost their banking

partners amid a wider banking crisis that saw a number of crypto-friendly

banks — Silicon Valley Investment Bank, Silvergate and Signature Bank

— all collapse within the span of a few weeks.

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