Following the June suspension of U.S. dollar deposits by Binance.US, payment startup MoonPay has emerged as a beacon, facilitating the conversion of dollars into cryptocurrency for the exchange’s customers.
Diverse Payment Options for Stablecoin Tether (USDT) Purchase, Including MoonPay
To address the suspension’s fallout, Binance.US allows its users to acquire stablecoin Tether (USDT) through various payment methods. These include credit and debit cards and popular digital wallets like Apple Pay and Google Pay. Once procured, users can conveniently convert USDT into other crypto tokens.
MoonPay, in a recent correspondence, highlighted their role: “For Binance.US patrons, we’ve established a conduit, enabling not just crypto purchases but also conversions from crypto to fiat. That can subsequently be deposited into U.S. bank accounts.” They further emphasized their commitment to security, noting their rigorous know-your-customer (KYC) procedures for service users.
It’s worth noting that the deposit suspension by Binance.US wasn’t arbitrary. The decision followed a fallout with multiple banking affiliates. This separation resulted from the U.S. Securities and Exchange Commission (SEC) accusing the exchange of running an unregistered securities platform.
Trading Volume Insight: Binance.US Versus Rivals
Despite the setback, Binance.US persists in its operations. Current data from CoinGecko indicates its 24-hour trading volume hovers around $10.5 million. In contrast, global giants like Coinbase and Kraken boast volumes of approximately $1.15 billion and $500 million, respectively. However, Binance.US’s operations remain confined to American shores, while its counterparts enjoy a global presence.
There’s been speculation regarding Binance.US’s independence from Binance, the leading cryptocurrency exchange by trading volume. It’s pertinent to mention that Binance’s founder, Changpeng “C.Z.” Zhao, holds the chairman position at Binance. U.S. Recent events brought the U.S. subsidiary to the brink, with Zhao considering a potential shutdown amidst escalating regulatory scrutiny.
The world of crypto trading is dynamic, with ever-shifting alliances and evolving regulations. MoonPay’s collaboration with Binance.US is a testament to the industry’s resilience and adaptability in facing challenges.
