Binance US revives US dollar on-ramp after MoonPay partnership

Binance.US lost its banking partners after the SEC filed a lawsuit against Binance and its affiliates.
It had announced it was switching to a crypto-only exchange after failing to get a banking partner.
The MoonPay partnership enables Binance US to resume USD deposits and withdrawals.

Binance.US has launched a new partnership with cryptocurrency payments company MoonPay to enable customers to purchase the US dollar-pegged stablecoin Tether (USDT). This comes two months after the crypto exchange switched to a cryptocurrency-only platform after failing to get any banking partner.

Binance.US experienced a breakdown with its banking partners, which resulted in the exchange’s fiat deposits being suspended as of June 9. The Securities and Exchange Commission, which had sued the exchange and its affiliates four days earlier, was blamed at the time for the disruption, using “aggressive and intimidating” tactics.

Customers can now use USD dollars on Binance US

The cryptocurrency exchange has announced that USDT would serve as the new “base asset” for all transactions, and its collaboration with MoonPay gives customers a way to transact in US dollars (USD).

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

According to the exchange’s announcement, US clients wishing to fund their accounts can now convert US dollars for USDT, which can then be used to buy other cryptocurrencies on the site.

The agreement provides customers with an on-ramp that permits purchases by debit and credit cards as well as Apple and Google Pay in addition to direct bank deposits, which are still disabled on Binance.US.

The exchange had a number of problems with withdrawals in US dollars on June 23, but it was able to temporarily restore operation although it at the time forewarned that the service would soon be withdrawn.

Before the SEC filed a complaint against Binance.US and its affiliates, the exchange allowed its customers to buy and sell cryptocurrencies through direct USD deposits and withdrawals.