Binance US shifts to ‘crypto-only’ after dropping USD, MoonPay becomes new on-ramp
Prompted by regulatory pressures, Binance.US is transitioning to a crypto-only exchange, replacing USD with USDT as its base asset.
As Binance reported, this move is a strategic response to banking partners suspending USD channels following the Securities and Exchange Commission (SEC) lawsuit.
Following the transition, Binance.US has introduced an enhanced Buy & Sell Crypto feature via its mobile app. It enables customers to transact with over 150 supported cryptocurrencies using USDT to streamline transactions and offer a reliable alternative to USD.
Building on this, Binance.US has partnered with the third-party payment provider, MoonPay, to facilitate the funding of USDT balances. These new USD on-ramps support USDT purchases through various payment methods, including debit cards, credit cards, Apple Pay, and Google Pay.
However, the journey to this transition has not been smooth. The need for a drastic move to a crypto-only exchange resulted from significant regulatory scrutiny.
As CryptoSlate reported, allegations of breaching securities laws led to Binance.US and related entities facing a lawsuit from the SEC, prompting banking partners to suspend USD channels. This led to delays in processing withdrawals and saw USD deposits and recurring buy orders suspended. Subsequently, the platform began the process of delisting USD trading pairs.
Despite these challenges, Binance.US has maintained operations in crypto trading, staking, deposits, and withdrawals. It also resolved the majority of delayed U.S. dollar withdrawals in June, when the platform advised its users to convert their USD to stablecoins.
Implementing the Buy & Sell Crypto feature signals Binance.US’s resilience in the face of regulatory scrutiny. By adopting USDT as its base asset, it can continue to offer its customers a platform for crypto transactions despite the hurdles faced.
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Filed under: Bitcoin - @ August 23, 2023 9:08 am