The new partnership lets the exchange resume USD deposits and withdrawals for US customers to purchase USDT – a win for the platform following its SEC lawsuit.
After a year of regulatory aggression from the US Securities and Exchanges Commission (SEC), things are looking brighter for Binance.US.
On August 22, the exchange introduced a new USD on-ramp through its partnership with payment provider MoonPay.
The announcement comes two months after the exchange was forced to halt USD deposits and withdrawals on its US-based sister site, Binance.US, as part of its transition toward becoming a ‘crypto-only’ exchange, following a slew of lawsuits from the SEC.
The exchange remains crypto-only, but it’s replaced USD with USDT as its base asset.
“As Binance.US completes its transition to a crypto-only exchange,” Binance.US announced, “we’ve replaced USD with USDT, a stablecoin pegged to the U.S. dollar, as our new base asset for transactions.”
Users can now fund their USDT accounts via MoonPay, which supports debit card, credit card, Apple Pay and Google Pay.
First time users of MoonPay must however verify their identity with information including name, date of birth, and billing address.
A minimum purchase order of $30 will be required to deposit with MoonPay, alongside a typical purchase fee of 3.49%.
Users can also withdraw their USD into a bank account (via ACH) through MoonPay. The provider supports a minimum sell order of $30 with a transaction fee of 2.25% for bank transfers.
The service is available in all supported states, except Louisiana.
How to buy crypto with USD on Binance.US
The announcement outlines three steps to purchasing USD on the platform, namely:
1. Fund the wallet with USDT.
On the Binance.US app, navigate to the ‘Buy’ section and opt for an integrated partner service to purchase USDT. MoonPay will be available at launch, but the list of payment providers is expected to increase in the near future.
2. Select your payment method.
If you select MoonPay, the app will redirect you to their website for a smooth transaction experience, facilitating the completion of your USDT purchase. After a successful transaction, the purchased USDT will be sent to your Binance.US account via the TRX network. Accepted payment methods include debit/credit cards and mobile payments.
3. Buy crypto with USDT.
And voila – you can now leverage your USDT balance to immediately buy, sell and trade Binance.US’s extensive range of 150+ supported cryptocurrencies.
Binance.US and its CEO Changpeng Zhao have slammed the SEC’s hostility on several occasions, citing it as unfair and unnecessarily damaging.
Writing on X following the suspension of USD deposits in June, the exchange wrote, “This fight has damaged our business and our reputation but not our fighting spirit or our resolve to defend ourselves against unwarranted charges and ‘regulation by enforcement’ tactics that do not belong in our system of justice.”
It added, “The SEC’s request would have effectively shuttered our business, which is consistent with the agency’s continued attempts to kill the crypto industry by any means, even by making allegations that are not supported by the facts.”
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