MoonPay Partners with Binance US to Provide Banking Alternative for USD Ramps

Crypto News– MoonPay partners with Binance US, In an announcement on August 22, Binance.US, the cryptocurrency exchange, revealed its adoption of the US dollar-pegged stablecoin Tether (USDT) as the new ‘base asset’ for all transactions. The partnership with MoonPay, a crypto payments firm, presents users with an avenue to transact in U.S. dollars.

MoonPay Partners with Binance US to Provide Banking Alternative for USD Ramps

This collaboration emerged in the aftermath of Binance.US encountering difficulties with its banking partners, which led to a halt in fiat deposits on the exchange starting from June 9. Citing pressure from the Securities and Exchange Commission (SEC), including a lawsuit against the exchange and its affiliates, Binance.US has taken this step. Customers now have the option to convert their dollars into USDT, enabling them to further engage in purchasing various cryptocurrencies on the platform.

While direct bank deposits remain inactive on Binance.US, the newly formed partnership offers a solution by enabling users to initiate purchases using debit and credit cards, alongside Apple and Google Pay.

On June 23, the exchange confronted issues with U.S. dollar-denominated withdrawals, though it managed to temporarily restore the service. However, it cautioned users that this facility would eventually be discontinued. Before Binance.US and its affiliates encountered the SEC lawsuit, the exchange allowed the buying and selling of popular cryptocurrencies via direct U.S. dollar deposits and withdrawals.

In March, a series of crypto exchanges and service providers confronted the loss of their banking partners amid a broader banking crisis that witnessed several crypto-friendly banks such as Silicon Valley Investment Bank, Silvergate, and Signature Bank facing collapse in a matter of weeks.