Binance.US has announced a new partnership with cryptocurrency payments company MoonPay to bring customers a way to purchase the US dollar-pegged stablecoin Tether (USDT) online. This comes two months after the crypto exchange switched to a cryptocurrency-only platform when it failed to secure a banking partner.
The breakdown with its banking partners led to the suspension of fiat deposits on the exchange on June 9th. It was rumored that the Securities and Exchange Commission (SEC) was to blame for the disruption, after filing a lawsuit against Binance.US and its affiliates four days earlier.
The new collaboration with MoonPay will enable customers to purchase USDT with US dollars, providing a new “base asset” for all transactions. Customers can now use debit and credit cards, Apple Pay, and Google Pay to purchase USDT. Binance.US is still unable to offer USD deposits and withdrawals, however.
Binance.US experienced problems with withdrawals in US dollars on June 23rd, but was able to restore the service temporarily, warning that it would soon be withdrawn. Prior to the SEC filing its complaint against Binance.US and its affiliates, the exchange allowed customers to buy and sell cryptocurrencies through direct USD deposits and withdrawals.
Now, with the new partnership with MoonPay, customers will be able to use USD dollars on Binance US, once again.
