Crypto Exchange Binance.US Partners with MoonPay to Address Banking Challenges
Crypto exchange Binance.US has formed a strategic alliance with payment startup MoonPay to overcome its recent legal and financial obstacles. This partnership aims to restore a reliable influx of dollars and inject renewed vitality into Binance.US operations.
Key points:
- Multiple banking partners have cut ties with Binance.US, preventing customers from depositing or withdrawing dollars.
- MoonPay will serve as an alternative means for Binance.US users to convert dollars to cryptocurrencies.
- Customers can use their debit or credit cards, Apple Pay, or Google Pay to purchase Tethers, which can then be used to acquire other crypto tokens on the Binance.US platform.
- MoonPay CEO Ivan Soto-Wright ensures rigorous KYC compliance checks for Binance.US users.
- Binance.US filed for a protective court order against the SEC to limit depositions of BAM employees.
Hot Take:
By partnering with MoonPay, Binance.US aims to address its banking challenges and provide users with an alternative way to convert dollars into cryptocurrencies. This collaboration comes as the exchange faces regulatory hurdles, including an ongoing lawsuit with the SEC. Binance.US hopes to restore customer confidence and regain its competitive standing in the US crypto market.
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