Binance.US Partners with MoonPay to Bring Back Dollar Transactions for US Customers

Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, has announced a new partnership with crypto payments startup MoonPay. This move comes as Binance.US suspended USD deposits for its US customers due to the departure of its banking partners. Here are the key points:

– Partnership with MoonPay: Binance.US has partnered with MoonPay to allow customers to buy and sell supported crypto assets using USDT, the largest stablecoin by market capitalization. This integration also enables users to make USDT purchases with debit Apple Pay, credit card, debit card, and Google Pay.

– USD replaced by USDT: According to the blog post, USDT will now be the exchange’s “base asset for transactions,” replacing USD. However, the platform will remain a crypto-only platform for the time being.

– Regulatory hurdles: Binance.US is facing a legal battle with the SEC over alleged violations of securities laws. The regulator requested the freezing of all assets on Binance.US, but the judge denied the request and urged both parties to reach a settlement.

– CFTC lawsuit: Binance and CEO Changpeng Zhao are also facing a lawsuit from the CFTC. The company has filed for dismissal, arguing that they are outside the jurisdiction of the CFTC and other US regulators.