Apple

Read

<div class="cryptonews"> 
 <p class="is-style-lead">Binance.US has partnered with the payment startup to facilitate dollar transactions for its users.</p> 
 <p>Facing mounting legal and <a rel="noopener noreferrer nofollow" title="regulatory" href="https://thebittimes.com/tag/regulatory.html">regulatory</a> challenges, Binance.US 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 partnership with a payment provider MoonPay.</p> 
 <p>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. </p> 
 <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"> 
    <p lang="en" dir="ltr">Today, we're excited to introduce a new $USD on-ramp!<br><br>️ Buy $USDT on https://t.co/AZwoBOgsqS through payment partners like @moonpay, which supports debit &amp; credit card, Apple Pay, and Google Pay.<br><br>️ Sell USDT for USD to withdraw via bank transfer.<br><br>Learn more &amp; get started ️</p>— Binance.US (@BinanceUS) August 22, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>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 (USDT) stablecoins. Subsequently, these stablecoins can be traded for a variety of other digital assets available on Binance.US. This development was confirmed via a recent email circulated by Binance.US to its user base.</p> 
 <p>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).</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Binance.US agrees with SEC to avoid full asset freeze 
 </div> 
 <p>The SEC lodged claims 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.</p> 
 <p>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.</p> 
 <p>In a dialogue with Bloomberg, 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.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> SEC sues Coinbase just hours after Binance 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

Binance US collaborates with MoonPay amidst regulatory pressures

TheBitTimes

Other articles published on Aug 22, 2023

Mind-Blowing 800% Shiba Inu (SHIB) Burn Rate Surge Led to 1 Billion Burn

BRICS: South Africa Makes Veiled Comments on Global Western Powers

Sam Bankman-Fried Granted 6.5-Hour Temporary Leave From Jail

Scroll and Chainlink Labs Forge Strategic Alliance to Boost Ecosystem Expansion

FTX Seeks Settlement Agreement With Genesis For $176 Million

South Korea’s Crypto Hunt: Cheongju Moves to Seize Assets from Tax Evaders

Join our free newsletter for daily crypto updates!