Binance US Teams Up with MoonPay to Restore USD Flow

• Binance US collaborates with MoonPay to restore USD transactions.
• Binance US encounters access issues to USD ramps due to severed banking ties.
• Binance US faces heightened regulation, prompting the need for new solutions.

Binance US, the American arm of the world-renowned crypto exchange Binance, has announced a strategic partnership with payment startup MoonPay in an attempt to reestablish a seamless flow of USD transactions into the crypto market. The move comes as Binance US grapples with a series of legal and financial obstacles in the wake of heightened regulatory scrutiny surrounding the crypto industry.

According to the August 22 announcement, Binance US has been working on integrating new US dollar on-ramp solutions by partnering with third-party payment provider MoonPay. The recent Binance US transition to a crypto-only platform, discontinuing its fiat on- and off-ramp services, appears to be in flux just one month after its implementation. 

Binance US has replaced USD with the new “base asset USDT”, a stablecoin pegged to the U.S. dollar. Still, the specific details about the range of cryptocurrencies that will be supported for trading against the US dollar via the MoonPay partnership remain unclear.

However, through this collaboration, Binance US users can now conveniently fund their accounts by exchanging dollars for USDT. Subsequently enabling the purchase of various other cryptocurrencies offered on the platform. 

Although direct bank deposits remain inaccessible at present, the partnership with MoonPay extends users an alternative on-ramp solution. This solution facilitates transactions through debit and credit cards. As well as popular digital payment platforms like Apple Pay and Google Pay.

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