Apple

Read

Binance.US has partnered with the payment startup to facilitate dollar transactions for its users. 
Facing mounting legal and regulatory challenges, <a href="https://www.binance.us/" data-type="link" data-id="https://www.binance.us/" target="_blank" rel="noopener noreferrer nofollow">Binance.US</a> has sought a new alliance to address the ongoing monetary transaction issues that have plagued its operations. As part of its strategy to restore dollar transactions for its users, Binance.US has entered into a <a href="https://support.binance.us/hc/en-us/articles/16783463877655-MoonPay-FAQs" data-type="link" data-id="https://support.binance.us/hc/en-us/articles/16783463877655-MoonPay-FAQs" target="_blank" rel="noopener noreferrer nofollow">partnership</a> with a payment provider MoonPay. 
For several weeks, Binance.US users have grappled with issues in both depositing and withdrawing dollars. This setback has been attributed to the severing of relationships with multiple banking associates. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Today, we're excited to introduce a new <a href="https://twitter.com/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USD</a> on-ramp! ✔️ Buy <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDT</a> on <a href="https://t.co/AZwoBOgsqS" target="_blank" rel="noopener noreferrer nofollow">https://t.co/AZwoBOgsqS</a> through payment partners like <a href="https://twitter.com/moonpay?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@moonpay</a>, which supports debit &amp; credit card, Apple Pay, and Google Pay. ✔️ Sell USDT for USD to withdraw via bank transfer. Learn more &amp; get started ⤵️— Binance.US 🇺🇸 (@BinanceUS) <a href="https://twitter.com/BinanceUS/status/1694040010482135262?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 22, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
Through the MoonPay integration, Binance users will be able to use their debit/credit cards, including mobile payment systems like Apple Pay and Google Pay to purchase Tether (<a href="https://crypto.news/price/tether/" data-type="link" data-id="https://crypto.news/price/tether/" rel="noopener noreferrer nofollow">USDT</a>) stablecoins. Subsequently, these stablecoins can be traded for a variety of other <a href="https://crypto.news/market-cap/" data-type="link" data-id="https://crypto.news/market-cap/" rel="noopener noreferrer nofollow">digital assets</a> available on Binance.US. This development was confirmed via a recent email circulated by Binance.US to its user base. 
However, Binance.US’s challenges aren’t solely financial. Regulatory confrontations have also played a role. Back in June, both Binance.US and its global counterpart, Binance.com, found themselves in the crosshairs of the U.S. Securities and Exchange Commission (SEC). 
 You might also like: <a href="https://crypto.news/binance-us-agrees-with-sec-to-avoid-full-asset-freeze/" rel="noopener noreferrer nofollow"> Binance.US agrees with SEC to avoid full asset freeze </a> 
The SEC lodged <a href="https://crypto.news/bitcoin-global-crypto-market-falls-sec-binance-coinbase-weekly-recap/" data-type="link" data-id="https://crypto.news/bitcoin-global-crypto-market-falls-sec-binance-coinbase-weekly-recap/" rel="noopener noreferrer nofollow">claims</a> alleging multiple securities law transgressions by the platforms. Despite Binance.US, Binance.com, and their founder Changpeng Zhao contesting these charges, there’s been a discernible user exodus from these platforms. 
During the lawsuit’s initiation, Binance.US reportedly managed customer crypto assets exceeding $2 billion in value. However, in the subsequent months, there’s been a sharp contraction in platform liquidity, and its market share has receded substantially. Once seen as a heavyweight, its influence now pales in comparison to other U.S.-centric crypto trading platforms such as Coinbase and Kraken. 
In a dialogue with <a href="https://www.bloomberg.com/news/articles/2023-08-22/crypto-exchange-binance-us-turns-to-moonpay-for-payments-after-us-banks-cut-ties?utm_medium=social&amp;utm_source=twitter&amp;utm_campaign=socialflow-organic&amp;utm_content=crypto#xj4y7vzkg" data-type="link" data-id="https://www.bloomberg.com/news/articles/2023-08-22/crypto-exchange-binance-us-turns-to-moonpay-for-payments-after-us-banks-cut-ties?utm_medium=social&amp;utm_source=twitter&amp;utm_campaign=socialflow-organic&amp;utm_content=crypto#xj4y7vzkg" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a>, Binance.US clarified that its capability to manage customer USD remains intact, courtesy of its remaining banking partnerships. However, specific details regarding these affiliations were withheld by the exchange. 
 Read more: <a href="https://crypto.news/sec-sues-coinbase-just-hours-after-binance/" rel="noopener noreferrer nofollow"> SEC sues Coinbase just hours after Binance </a>

Binance US collaborates with MoonPay amidst regulatory pressures

crypto.news

Other articles published on Aug 22, 2023

Crypto lawyer exposes SEC ties to Ethereum co-founder

Embracing adoption: Moxy.io unites Web3 gaming’s evolution beyond tokenization

Thailand Threatens Facebook Shutdown Over Crypto Scams

QCOM Stock Price Forecast: Can Qualcomm Incorporated Fall More?

CoinDCX lays off 10% of workforce amid dwindling trading volume

Friend.tech denies data breach with API clarification

Join our free newsletter for daily crypto updates!