Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
MoonPay Offers Binance.US a Solution to Crypto Payments Suspension

MoonPay Offers Binance.US a Solution to Crypto Payments Suspension

Coindesk2023/08/23 01:59
By: Jamie Crawley
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.
moon, phases

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.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,930.75
-0.10%
Ethereum
Ethereum
ETH
$4,666.39
-0.33%
XRP
XRP
XRP
$3.12
+0.53%
Tether USDt
Tether USDt
USDT
$1
-0.03%
Solana
Solana
SOL
$242.56
+0.82%
BNB
BNB
BNB
$932.82
+1.00%
USDC
USDC
USDC
$0.9997
-0.02%
Dogecoin
Dogecoin
DOGE
$0.2900
+5.24%
Cardano
Cardano
ADA
$0.9295
+1.67%
TRON
TRON
TRX
$0.3497
-0.59%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter