Key Points:
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.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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