Binance.US Partners With MoonPay To Regain Access To Dollar Transactions

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Binance.US has partnered with MoonPay to regain access to dollar transactions. 

The move is a response to the regulatory and financial challenges faced by the cryptocurrency exchange, which has been unable to offer dollar transactions after it was cut off by banking partners in the US.

On August 22, the American branch of the world’s largest cryptocurrency exchange announced its transition to a crypto-only model, replacing dollar transactions with USDT, a stablecoin pegged to the U.S. dollar, as the new base asset for transactions. 

Now it’s partnered with third-party payment provider MoonPay to offer new dollar on-ramps that support USDT purchases with debit card, credit card, Apple Pay, and Google Pay. MoonPay’s integration eliminates the involvement of third-party banks and intermediaries.

Several cryptocurrency exchanges and service providers encountered the loss of their banking partners in March, amidst a broader banking turmoil that witnessed multiple crypto-supportive banks such as Silicon Valley Investment Bank, Silvergate, and Signature Bank facing collapses within a short timeframe.

By partnering with MoonPay, Binance.US aims to mitigate such challenges and restore seamless access to fiat-to-crypto transactions. The company stated:

Our partnership with MoonPay brings reliable USD payment solutions to Binance.US customers as part of our Buy & Sell Crypto feature.

Binance.US’ Revolution to Token Resilience

Before Binance.US and its associated entities became subject to a lawsuit from the Securities and Exchange Commission, the exchange facilitated the buying and selling of popular cryptocurrencies by enabling direct deposits and withdrawals using dollars.

The partnership with MoonPay sparked a 2.4% increase in the value of Binance’s native token, BNB, in the last 24 hours. BNB had hit its lowest point in more than a year on August 22, plummeting to $204.

BNB Price
Source: CoinMarketCap

MoonPay’s Rapid Rise

MoonPay is a payment startup that gained widespread recognition through a sequence of notable brand collaborations centered on nonfungible tokens. It operates as a money service business registered in the United States, serving across over 160 countries.

The company’s website says it’s endorsed by over 300 prominent wallets, websites, and applications. With a user base of 5 million individuals, MoonPay extends its support to over 80 assets.

In a remarkably short span of two and a half years, the payment startup successfully concluded its Series A funding round in late 2021, securing a substantial $555 million. This achievement has propelled the company’s valuation to $3.4 billion.

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