Binance US Partners with MoonPay Amid Regulatory Restrictions
- Binance.US has partnered with financial technology firm MoonPay to allow its users to buy USDT.
- The exchange also introduced an enhanced version of its “Buy & Sell Crypto With USDT” feature.
- It will now support USDT purchases with debit cards, credit cards, Apple Pay, and Google Pay” via MoonPay.
- The USDT purchased via MoonPay will be delivered to the user’s wallet on Binance.US via the TRX network.
The United States arm of the world’s largest crypto exchange, Binance, has partnered with MoonPay, a financial technology company that offers payment solutions to its users, allowing them to purchase crypto via fiat currencies. Through the partnership, the leading exchange will allow users in the US to purchase Tether (USDT) on its platform and, as a result, swap the stablecoin for other cryptocurrencies.
According to a statement published on August 22, the US arm of Binance seeks to transition into a crypto-only exchange following the restrictions that the authorities in the United States imposed on the payment gateways that acted as fiat on and off ramps for the exchange. Interestingly, the crypto trading platform has now replaced USD with USDT on its platform.
An enhanced version of the “Buy & Sell Crypto With USDT” feature has been introduced on the Binance.US mobile application, which allows users to purchase more than 150 cryptocurrencies listed on the exchange with USDT. The enhanced version will be introduced on the website in the near future.
Moreover, to provide a seamless experience, the exchange said that it partnered with MoonPay and now offers “convenient new USD on-ramps that support USDT purchases with debit card, credit card, Apple Pay, and Google Pay.”
In order to begin with MoonPay, first customers need to select ‘MoonPay’ on the application, from where they will be redirected to their website natively from the Binance.US app to complete the USDT purchase. Once the purchase is completed, the USDT will be delivered to the user’s wallet on the exchange via the TRX network.
“Customers using MoonPay for the first time can quickly verify their identity before checking out. MoonPay’s identity verification process is simple and straightforward, requiring a few basic details, including name, date of birth, and billing address. On average, verification takes just 60 seconds to process,” said Binance.US.
It is also crucial to note that MoonPay supports a minimum purchase order amount of around $30, with a typical purchase fee of 3.49%, along with minimum sell order amounts of $30 in value, with transaction fees of 2.25% for bank transfers.
As reported earlier by Bitnation, Binance also recently announced the integration of the Lightning Network, which aims to enable faster, cheaper, and more scalable transactions.