Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, Binance, has partnered with MoonPay, a crypto payments startup, to bring back dollar transactions for US customers. This move comes after Binance.US suspended USD deposits due to the departure of its banking partners. The partnership with MoonPay will allow Binance.US customers to buy and sell supported crypto assets using USDT, the largest stablecoin by Market capitalization issued by Tether. Users will also be able to make USDT purchases using debit Apple Pay, credit card, debit card, and Google Pay. Binance.US clarified that it will remain a crypto-only platform for the time being.
The decision to suspend USD deposits on Binance.US was a result of the ongoing legal battle between the exchange and the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Binance.US and its international affiliate, Binance.com, alleging that they violated securities laws. The SEC requested the court to freeze all assets on Binance.US, but the judge denied the request and urged both parties to reach a settlement. Binance.US defended itself against the allegations and stated that the regulator’s accusations and its statement in court were conflicting.
Binance, the global crypto exchange, and its CEO Changpeng Zhao are also facing a lawsuit from the US Commodity Futures Trading Commission (CFTC). Binance filed for dismissal of the CFTC case, arguing that both the exchange and Zhao are outside the jurisdiction of the CFTC and any other US regulator.
The partnership with MoonPay is seen as a strategic move by Binance.US to provide its US customers with alternative payment options and to continue operating despite the regulatory hurdles it faces in the US. By replacing USD with USDT as the exchange’s “base asset for transactions,” Binance.US aims to ensure that its users can still engage in crypto trading while complying with regulatory requirements.
The collaboration with MoonPay is expected to enhance the user experience on the Binance.US platform, allowing for seamless transactions with various payment methods. This partnership comes as the demand for cryptocurrencies continues to rise, with more people looking to invest and participate in the crypto market.
Despite the legal challenges and regulatory uncertainties, Binance and its subsidiaries are determined to adapt and find solutions to continue providing services to their customers. By partnering with companies like MoonPay, Binance.US aims to overcome banking challenges and ensure that US customers can still access and trade cryptocurrencies on its platform.
In conclusion, Binance.US’ partnership with MoonPay is a strategic move to bring back dollar transactions for US customers and provide alternative payment options. This move comes in the midst of an ongoing legal battle with the SEC and CFTC. By replacing USD with USDT as the exchange’s base asset for transactions, Binance.US aims to navigate regulatory hurdles and continue operating in the US market. The collaboration with MoonPay is expected to enhance the user experience and provide convenient payment options for Binance.US customers..
#Binance.US #Taps #MoonPay #Enable #Crypto #Purchases #USDT
The decision to suspend USD deposits on Binance.US was a result of the ongoing legal battle between the exchange and the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Binance.US and its international affiliate, Binance.com, alleging that they violated securities laws. The SEC requested the court to freeze all assets on Binance.US, but the judge denied the request and urged both parties to reach a settlement. Binance.US defended itself against the allegations and stated that the regulator’s accusations and its statement in court were conflicting.
Binance, the global crypto exchange, and its CEO Changpeng Zhao are also facing a lawsuit from the US Commodity Futures Trading Commission (CFTC). Binance filed for dismissal of the CFTC case, arguing that both the exchange and Zhao are outside the jurisdiction of the CFTC and any other US regulator.
The partnership with MoonPay is seen as a strategic move by Binance.US to provide its US customers with alternative payment options and to continue operating despite the regulatory hurdles it faces in the US. By replacing USD with USDT as the exchange’s “base asset for transactions,” Binance.US aims to ensure that its users can still engage in crypto trading while complying with regulatory requirements.
The collaboration with MoonPay is expected to enhance the user experience on the Binance.US platform, allowing for seamless transactions with various payment methods. This partnership comes as the demand for cryptocurrencies continues to rise, with more people looking to invest and participate in the crypto market.
Despite the legal challenges and regulatory uncertainties, Binance and its subsidiaries are determined to adapt and find solutions to continue providing services to their customers. By partnering with companies like MoonPay, Binance.US aims to overcome banking challenges and ensure that US customers can still access and trade cryptocurrencies on its platform.
In conclusion, Binance.US’ partnership with MoonPay is a strategic move to bring back dollar transactions for US customers and provide alternative payment options. This move comes in the midst of an ongoing legal battle with the SEC and CFTC. By replacing USD with USDT as the exchange’s base asset for transactions, Binance.US aims to navigate regulatory hurdles and continue operating in the US market. The collaboration with MoonPay is expected to enhance the user experience and provide convenient payment options for Binance.US customers..
#Binance.US #Taps #MoonPay #Enable #Crypto #Purchases #USDT
