MoonPay Offers Binance.US a Solution to Crypto Payments Suspension
The U.S. exchange's customers now have the option of buying stablecoin USDT using their debit or credit cards, Apple Pay and Google Pay and converting it into crypto tokens.
Payment startup MoonPay is allowing Binance.US customers to convert dollars into crypto after the exchange suspended U.S. dollar deposits in June.
Customers have the option of buying stablecoin tether (USDT) using debit cards, credit cards, Apple Pay or Google Pay and then converting it into crypto tokens, Bloomberg reported Tuesday, citing an email to customers.
"With respect to Binance.US users, we are providing a service for those users that want to purchase crypto as well as convert their crypto to fiat and deposit into their US bank account," MoonPay said in an emailed statement, adding that it carries out know-your-customer (KYC) checks on users of the service.
Binance.US had to suspend dollar deposits after losing ties with various banking partners, following legal action by the U.S. Securities and Exchange Commission (SEC) on allegations that it was operating an unregistered securities exchange.
The exchange's 24-hour trading volume is now about $10.5 million according to CoinGecko data, compared with Coinbase's roughly $1.15 billion and Kraken's $500 million. Binance.US, however, operates only in the U.S. while the other two trade worldwide.
Binance.US claims to be independent of Binance, the largest crypto exchange by volume traded, though Binance founder Changpeng "CZ" Zhao also serves as the chairman of Binance.US. Zhao reportedly came close to shutting the U.S. offshoot following the heightened regulatory scrutiny.
Binance.US did not immediately responded to CoinDesk's request for comment.
Read More: Binance to Shut Down Crypto Payments Service Amid Refocus On Core Products
UPDATE (Aug. 23, 09:59 UTC): Adds statement from MoonPay; removes headline attribution to Bloomberg.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
A Physical Dogecoin Could Reach the Moon in December
Dogecoin community plans to send a physical token to the moon in a December mission by space payload transporter Astrobotic.
Bitcoin Is Coming to Sushi as DeFi Platform Expands to ZetaChain
The move allows users to access the liquidity of bitcoin on decentralized finance (DeFi) without going through intermediaries like wrappers.
