Binance.US Partners With MoonPay To Regain Access To Dollar Transactions

Updated: 23 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Binance.US has partnered with MoonPay to regain access to dollar transactions.

The move is a response to the regulatory and financial challenges faced by the cryptocurrency exchange, which has been unable to offer dollar transactions after it was cut off by banking partners in the US.

Today, we're excited to introduce a new $USD on-ramp!

✔️ Buy $USDT on https://t.co/AZwoBOgsqS through payment partners like @moonpay, which supports debit & credit card, Apple Pay, and Google Pay.

✔️ Sell USDT for USD to withdraw via bank transfer.

Learn more & get started ⤵️

— Binance.US 🇺🇸 (@BinanceUS) August 22, 2023

On August 22, the American branch of the world’s largest cryptocurrency exchange announced its transition to a crypto-only model, replacing dollar transactions with USDT, a stablecoin pegged to the U.S. dollar, as the new base asset for transactions.

Now it’s partnered with third-party payment provider MoonPay to offer new dollar on-ramps that support USDT purchases with debit card, credit card, Apple Pay, and Google Pay. MoonPay’s integration eliminates the involvement of third-party banks and intermediaries.

4️⃣ #BinanceUS suspends all USD deposits following SEC lawsuit. Withdrawals are ACTIVE.
No Matter What Will Happen, #binance Will Be Survivor of This Disgusting War. Full Support to @cz_binance 🦾

#SEC #USDT #CRYPTO https://t.co/Gc9VjquCsE

— Alpha Whale Crypto (@AlphaWhale_) June 9, 2023

Several cryptocurrency exchanges and service providers encountered the loss of their banking partners in March, amidst a broader banking turmoil that witnessed multiple crypto-supportive banks such as Silicon Valley Investment Bank, Silvergate, and Signature Bank facing collapses within a short timeframe.

By partnering with MoonPay, Binance.US aims to mitigate such challenges and restore seamless access to fiat-to-crypto transactions. The company stated:

Our partnership with MoonPay brings reliable USD payment solutions to Binance.US customers as part of our Buy & Sell Crypto feature.

Binance.US’ Revolution to Token Resilience

Before Binance.US and its associated entities became subject to a lawsuit from the Securities and Exchange Commission, the exchange facilitated the buying and selling of popular cryptocurrencies by enabling direct deposits and withdrawals using dollars.

The partnership with MoonPay sparked a 2.4% increase in the value of Binance’s native token, BNB, in the last 24 hours. BNB had hit its lowest point in more than a year on August 22, plummeting to $204.

MoonPay’s Rapid Rise

MoonPay is a payment startup that gained widespread recognition through a sequence of notable brand collaborations centered on nonfungible tokens. It operates as a money service business registered in the United States, serving across over 160 countries.

The company’s website says it’s endorsed by over 300 prominent wallets, websites, and applications. With a user base of 5 million individuals, MoonPay extends its support to over 80 assets.

In a remarkably short span of two and a half years, the payment startup successfully concluded its Series A funding round in late 2021, securing a substantial $555 million. This achievement has propelled the company’s valuation to $3.4 billion.