Binance.US, a cryptocurrency exchange that recently transitioned to a pure-crypto platform, has announced a partnership with crypto payments firm MoonPay. This collaboration will enable users to purchase the USD-pegged stablecoin Tether (USDT) on the platform.
The exchange revealed on August 22 that it will now adopt USDT as a new "base asset" for all transactions. The partnership with MoonPay aims to provide users with a method to transact in US dollars within the crypto ecosystem.
This move follows Binance.US's decision to sever its banking partnership, resulting in the suspension of fiat deposits on the platform since June 9. This suspension was attributed to the legal pressure from the US Securities and Exchange Commission (SEC), which had sued Binance and its affiliates a few days prior. To overcome this hurdle, Binance.US customers can now convert US dollars into USDT, which can then be utilized to purchase various other cryptocurrencies available on the platform.
Although direct bank deposits remain disabled on Binance.US, the new partnership opens an avenue for users to make purchases through debit and credit cards, as well as payment platforms like Apple Pay and Google Pay.
Binance.US experienced issues with USD withdrawals on June 23, though this functionality was temporarily restored. However, the exchange had already warned that the service would eventually be discontinued. Prior to the SEC lawsuit, the exchange facilitated the buying and selling of popular cryptocurrencies through direct US dollar deposits and withdrawals.
Earlier in the year, during a larger banking crisis that saw several cryptocurrency exchanges and service providers lose their banking partners, multiple crypto-friendly banks, including Silicon Valley Investment Bank, Silvergate, and Signature Bank, closed down within a short span of time.
