Having had a hard time in the US, Binance has decided to cut its connection with the dollar in the past months, on the way to becoming a fully crypto-focused exchange. The leading exchange is now working with a new platform as a banking alternative. USDT will be at the center of payments…
Binance.US introduces new banking alternative
Binance’s US arm, Binance.US, has launched a new partnership with MoonPay after severing its banking ties. Cooperation plays an active role in reviving the US dollar. MoonPay will allow users to purchase the USD pegged stablecoin Tether with USD.
The new partnership comes after BinanceUS stopped fiat deposits on the exchange as of June 9 due to problems with its banking partners. On August 22, Binance announced the adoption of USDT as the new “base cryptocurrency” for all transactions. It also reported that its partnership with MoonPay provides users a way to transact in US dollars.
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
Along with the latest partnership, MoonPay is now allowing BinanceUS customers to convert dollars to crypto after Binance suspended US dollar deposits in June. USDT will be at the center of payments…
Binance.US customers can now exchange dollars for USDT
As Bloomberg reports, Binance.US users will now be able to purchase USDT using debit cards, credit cards, Apple Pay or Google Pay. They will then have the freedom to convert it to whatever cryptocurrency they want. MoonPay said in an emailed statement:
Regarding Binance.US users, we provide a service to users who want to buy crypto, convert their crypto to fiat money and deposit it into their US bank account.
Binance loses banking partners in the US
BinanceUS lost ties with various banking partners after the SEC filed a lawsuit over allegations that it operated an unregistered securities exchange. He had to suspend his dollar deposits soon after that. As we quoted as Kriptokoin.com, Binance made harsh statements about the SEC at that time.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US 🇺🇸 (@BinanceUS) June 9, 2023
Binance’s 24-hour trading volume is currently around $10.5 million, according to CoinGecko data. Coinbase has about $1.15 billion and Kraken has $500 million. However, Binance.US only operates in the US while the other two trade worldwide.
BinanceUS claims to be independent of Binance, the largest crypto exchange in terms of trading volume. But Binance founder Changpeng “CZ” Zhao is also the chairman of BinanceUS. Zhao had come close to closing the US branch after increased regulatory scrutiny.
BNB in free fall
As you follow on Kriptokoin.com, Binance and BNB, which have been at the center of Fud news for weeks, have experienced a serious decline. Specifically, BNB price is about to break the critical $210 support. Recent allegations suggest that the Binance exchange is selling Bitcoin (BTC) to support the BNB price.
52560
