- Binance US recently partnered with crypto startup MoonPay to enable crypto purchases via fiat.
- The crypto exchange has been a “crypto-only” exchange since June 2023 after losing banking partners.
- The exchange’s customers have been unable to deposit or withdraw dollars for more than two months.
- The new USD on-ramp offered by MoonPay will allow users to exchange USD for USDT.
Binance US recently partnered with crypto payments startup MoonPay to allow its customers to buy crypto assets on its trading platform. The American arm of the world’s largest crypto exchange, which transitioned to a “crypto-only” exchange earlier this year, is likely hoping to circumvent the payment disruptions that have prevented its customers from depositing or withdrawing US Dollars from the platform for more than two months.
Binance US To Use MoonPay’s USD On-Ramp
Binance US stated on its official website’s FAQ section that it had tapped MoonPay to enable efficient buying and selling of crypto assets for its users. The platform will continue to remain a crypto-only exchange for the time being but partnered with the crypto startup to make interacting with crypto easier for its customers.
MoonPay’s USD is integrated into the crypto exchange’s buy & sell crypto feature, which will allow its users to purchase Tether (USDT) using conventional payment methods, including debit/credit cards, Apple Pay, Google Pay, etc. The USDT can subsequently be exchanged for the 150+ crypto assets listed on Binance US.
Binance US suspended US Dollar deposits in early June after its banking partners ended support for fiat withdrawal channels. At the time, the payment disruption was blamed on the enforcement action initiated by the U.S. Securities and Exchange Commission (SEC).
Binance US stated that the legal troubles and complications stemming from the securities regulator’s actions led to challenges with its banking partners. Citing consumer protection, the crypto exchange announced a transition to a crypto-only exchange and subsequently began delisting USD trading pairs from its trading platform.
In December 2022, decentralized exchange Uniswap partnered with MoonPay to enable crypto purchases through fiat channels. The “Direct to DeFi” feature allowed the DEX’s users to directly purchase crypto using bank cards and transfers.