In a bid to address the ongoing disruptions affecting American customers of Binance.US, the cryptocurrency exchange has recently announced a partnership with MoonPay, as stated on its website last week.
To address these challenges, Binance.US customers seeking to add funds to their accounts will now have the option to exchange dollars for the USDT stablecoin by leveraging MoonPay. This stablecoin can then be easily converted into various other cryptocurrencies available on the platform.
In a statement, Binance.US emphasized, “We’ve partnered with MoonPay to make buying and selling crypto fast and easy, all within the Binance.US mobile app.” The integration enables customers to utilize payment methods such as debit cards, credit cards, Google Pay, and Apple Pay to acquire USDT. This USDT can be instantly used to purchase or sell over 150 diverse cryptocurrencies accessible on Binance.US.
A representative from MoonPay highlighted their role, saying, “MoonPay provides both on-and off-ramp services.” Regarding Binance.US users, they stated, “We are providing a service for those users that want to convert their crypto to fiat and deposit into their US bank account. MoonPay performs rigorous KYC checks on all customers. We support many of our existing partners and exchanges with this functionality.”
Binance.US customers have been grappling with the inability to deposit or withdraw dollars for over a month due to severed ties between banking partners and the American branch of Binance’s crypto trading network. It’s noteworthy that Binance is recognized as the world’s largest cryptocurrency exchange.
Additionally, Binance might face separation from its American counterpart, Binance.US. A proposal from the Securities and Exchange Commission (SEC) presented on June 17 aims to prevent Binance Holdings officials from accessing Binance.US cloud infrastructure. This proposal currently awaits federal approval.
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