Binance.US Now Restores Fiat Accessibility Through Strategic Partnership With MoonPay

Key Points:

  • Binance.US rekindles fiat services via MoonPay collaboration just two months after going crypto-only.
  • Users can convert USD to USDT using various payment methods, opening doors to a range of cryptocurrencies.
  • The partnership aims to navigate regulatory challenges and enhance the user experience amidst an evolving crypto landscape.
Just two months after its transition to a crypto-only platform, Binance.US is making a surprising move by reestablishing ties with fiat currencies through a strategic partnership with crypto payments firm MoonPay. The cryptocurrency exchange had ceased fiat on- and off-ramp services in the wake of legal challenges.
Binance.US Now Restores Fiat Accessibility Through Strategic Partnership With MoonPay

In a recent announcement on August 22, Binance.US revealed that it had chosen the U.S. Dollar-pegged stablecoin Tether (USDT) as its new base asset for all transactions.

The decision has been accompanied by a collaboration with MoonPay, a payment platform designed to facilitate seamless and swift conversions.

Binance.US had encountered disruptions in its banking relationships earlier, resulting in the suspension of fiat deposits on June 9.

This pause in fiat services was attributed to the intense regulatory scrutiny it faced from the U.S. Securities and Exchange Commission (SEC), which had filed a lawsuit against the exchange and its affiliates.

To mitigate the disruption caused by halted USD deposits and withdrawals, Binance.US has joined forces with MoonPay.

The partnership empowers users to swiftly convert fiat into cryptocurrencies. Via debit and credit cards, Apple Pay, or Google Pay, customers can now purchase USDT which can then be utilized to access other available crypto tokens on the platform.

While traditional bank deposits remain disabled, this alliance offers a new on-ramp avenue for users, enabling them to engage in cryptocurrency transactions with familiar payment methods.

This shift demonstrates Binance.US’s commitment to adapting to regulatory pressures while still providing accessible pathways for users to engage with cryptocurrencies.

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