Binance.US, the US branch of global crypto exchange Binance, has announced a new payments partnership with MoonPay, a startup offering fiat-to-crypto services.
The move comes after the US arm of the company lost access to some of its banking partners and its customers were unable to deposit and withdraw dollars from the platform.
With MoonPay Partnership, Binance US Customers Will Be able to Buy USDT with Dollars
Customers can now buy Tether (USDT) with debit or credit cards, Apple Pay or Google Pay using MoonPay, according to an email sent by Binance.US on Monday. They will then be able to use USDT to trade other cryptocurrencies on Binance.US. The email stated that customers will have immediate access to this option.
Binance.US has faced a number of legal and financial challenges in recent months as regulators have stepped up their scrutiny of crypto companies. In June, the US Securities and Exchange Commission (SEC), along with its US branch, sued its global subsidiary Binance.com for alleged “various securities law violations”.
The lawsuit led to the withdrawal of some customers from the platform, resulting in a sharp decline in the liquidity and market share of the US arm of the company. With the latest development, the company may have resolved the banking partner issue.
*Not investment advice.