MoonPay Offers Binance.US a Solution to Crypto Payments Suspension: Bloomberg
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Binance.US customers now have access to MoonPay to allow them to buy crypto and withdraw fiat from the crypto exchange.
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Binance.US was forced to suspend U.S. dollar deposits in June after losing ties with various banking partners.
Payment startup MoonPay is allowing Binance.US customers to convert dollars into crypto after the exchange suspended U.S. dollar deposits in June, according to a Bloomberg report on Tuesday.
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 said, citing a Monday email to customers.
“We obviously perform KYC; we follow all the regulatory rules across every single jurisdiction in which we operate, and so we can make it easy for them to top up their wallets,” MoonPay CEO Ivan Soto-Wright said in an interview with Bloomberg TV on Tuesday, referring to know-your-customer verification.
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.
Neither Binance.US nor MoonPay immediately responded to CoinDesk’s request for comment.
Edited by Sheldon Reback.
