Binance.US Launches USD On-Ramp in Partnership with MoonPay
Binance.US, the American subsidiary of Binance, has announced its new USD on-ramp launch in partnership with MoonPay. This move allows local customers to conveniently deposit and withdraw USD. The exchange has replaced USD with USDT, a stablecoin pegged to the U.S. dollar, as its new base asset for transactions. Here are the key points:
– Clients can top up their accounts using various payment methods, including debit cards, credit cards, Google Pay, and Apple Pay.
– They can buy USDT and trade over 150 cryptocurrencies on the exchange.
– The services are available to Binance.US customers in all supported states, except for Louisiana.
– MoonPay imposes a minimum purchase order amount of around $30 and a standard purchase fee of 3.49%.
– Fees may vary based on the chosen payment method, and there may be additional fees for transferring USDT between MoonPay and Binance.US accounts.
Binance Faces Challenges with Regulators
Binance has been under scrutiny from regulators worldwide. The exchange has been accused of violating sanctions against Russia and imposing no trading restrictions on Russian customers. Here are the key points:
– Binance is facing legal trouble in Western countries and is being investigated by the US Department of Justice for its Russia-related activities.
– The exchange has withdrawn from several European markets, and the French government is investigating possible financial crimes.
– Binance denies the allegations and claims to comply with all applicable laws and regulations.
– Former Chief of the SEC Office of Internet Enforcement, John Stark, has called for an investigation into Binance’s audit, citing concerns about inconsistencies and the selection of auditors.
Hot Take: Binance.US Expands USD On-Ramp, While Binance Faces Regulatory Challenges
Binance.US’s partnership with MoonPay to launch a USD on-ramp is a strategic move to provide convenience to its customers. However, Binance as a whole is facing challenges with regulators and allegations of violating sanctions and financial crimes. These issues raise concerns about the exchange’s compliance and transparency. As the crypto industry continues to face increased regulatory scrutiny, Binance must address these challenges to maintain its reputation and ensure regulatory compliance.
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