Facing disruptions that have hindered American users of Binance.US from depositing or withdrawing dollars, the cryptocurrency exchange has announced a collaboration with MoonPay. This partnership, as revealed on Binance.US’s website, aims to provide an alternative solution for its American clientele.
Now, Binance.US users wishing to fund their accounts can first purchase Tether’s USDT stablecoin using dollars. This USDT can subsequently be exchanged for various other cryptocurrencies available on Binance.US. The platform emphasized the convenience of this new feature, stating that users can swiftly buy and sell crypto via the Binance.US mobile app. Payment methods supported for USDT purchases include debit cards, credit cards, Google Pay, and Apple Pay.
A representative from MoonPay clarified their role, highlighting that they offer both on-and off-ramp services. For Binance.US users, MoonPay facilitates the conversion of crypto to fiat, allowing deposits into US bank accounts. They also emphasized their stringent KYC procedures for all customers.
This development comes after Binance.US users faced over a month’s disruption in dollar transactions, attributed to severed ties with banking partners of Binance’s American division. It’s worth noting that Binance is the world’s largest cryptocurrency exchange. Additionally, a proposal from the Securities and Exchange Commission on June 17, which is still awaiting federal approval, might further separate Binance from Binance.US.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/23/
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