Binance.US partners with MoonPay to restore USD on-ramp

Binance.US, the American subsidiary of the global cryptocurrency exchange Binance, has entered into a partnership with MoonPay, a crypto payments company, to offer users a way to acquire the U.S. dollar-pegged stablecoin Tether (USDT) and use it on the platform.

This move comes two months after Binance.US transitioned into a crypto-only platform, facing challenges with its banking partners that resulted in the suspension of fiat deposits on June 9. The disruption was attributed to perceived “aggressive and intimidating” actions by the U.S. Securities and Exchange Commission (SEC), which had sued Binance and its affiliates four days before the suspension.

With this partnership, Binance.US has adopted USDT as the new “base asset” for all transactions, facilitating users’ ability to transact in U.S. dollars. While direct bank deposits remain disabled on the platform, the collaboration with MoonPay provides an alternative on-ramp for users, enabling purchases through debit and credit cards as well as Apple Pay and Google Pay.

Previously, Binance.US supported direct USD deposits and withdrawals for popular cryptocurrencies before facing regulatory challenges and banking disruptions. In March, several cryptocurrency exchanges and service providers saw their banking partnerships crumble amid a broader banking crisis that saw crypto-friendly banks such as Silicon Valley Investment Bank, Silvergate, and Signature Bank face difficulties.

This new partnership with MoonPay aims to offer Binance.US customers greater flexibility and access to cryptocurrencies while navigating the evolving regulatory landscape in the United States.