Binance US Partners with MoonPay to Reintroduce Enhanced USD On-Ramps for Seamless Crypto Transactions

In a strategic response to regulatory hurdles, Binance.US, a prominent cryptocurrency exchange, has embarked on a partnership with MoonPay, a leading crypto payments firm, to reintroduce United States dollar (USD) on-ramps for its users. 

This significant development comes after Binance.US transitioned to a crypto-only platform due to disruptions in its banking relationships. Through its collaboration with MoonPay, Binance.US aims to streamline crypto transactions and provide a viable alternative to USD-based transactions, using Tether (USDT), a widely-used stablecoin.

On August 22, Binance.US made an important announcement, declaring its decision to adopt USDT as the new “base asset” for all transactions on its platform. This strategic move shows the exchange’s commitment to offering its users a seamless and compliant cryptocurrency experience, even amidst the intricacies of regulatory challenges.

According to Binance.US, this adoption of USDT as the new base asset represents a crucial step toward simplifying and enhancing cryptocurrency transactions for its user base.

As Binance.US CEO Brian Brooks noted, “We’re thrilled to partner with MoonPay to provide our users with a more user-friendly way to purchase USDT and engage in cryptocurrency trading.”

This collaboration shows the exchange’s commitment to enhancing accessibility and the user experience within the cryptocurrency ecosystem.

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

MoonPay Partnership: Empowering User Transactions

The partnership between Binance.US and MoonPay marks a significant stride in strengthening USD on-ramps for the exchange’s users.

MoonPay will empower customers to purchase USDT using various payment methods, including debit and credit cards, Apple Pay, and Google Pay.

Through this collaboration, users will gain access to an avenue for conducting crypto transactions using USDT, mitigating the impact of the absence of direct USD deposits.

Brian Brooks highlighted the significance of the partnership, stating, “We believe this partnership with MoonPay will offer our users an intuitive and user-friendly solution for purchasing USDT and trading other cryptocurrencies.”

The collaboration between Binance.US and MoonPay aligns with the exchange’s objective to simplify cryptocurrency transactions and bolster the user experience.

The journey to this strategic partnership has not been devoid of challenges. Regulatory pressures, compounded by a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), compelled Binance.US to transition to a crypto-only platform, necessitating the suspension of USD-related services.

The exchange struggled with processing withdrawals, temporarily suspended USD deposits, and halted USD trading pairs.

In response to these challenges, Binance.US prioritized its users by working to resolve delayed USD withdrawals, thereby demonstrating its commitment to facilitating a seamless crypto trading ecosystem.

This strategic move not only streamlines the user experience but also reaffirms Binance.US’s position as a prominent player in the evolving cryptocurrency ecosystem. 

NB: Any Information provided is NOT FINANCIAL ADVICE. Do Your Research before making any Financial Decisions.