Binance US shifts to ‘crypto-only’ after dropping USD, MoonPay becomes new on-ramp

Prompted by regulatory pressures, Binance.US is transitioning to a crypto-only exchange, replacing USD with USDT arsenic its basal asset.

As Binance reported, this determination is simply a strategical effect to banking partners suspending USD channels pursuing the Securities and Exchange Commission (SEC) lawsuit.

Following the transition, Binance.US has introduced an enhanced Buy & Sell Crypto diagnostic via its mobile app. It enables customers to transact with implicit 150 supported cryptocurrencies utilizing USDT to streamline transactions and connection a reliable alternate to USD.

Building connected this, Binance.US has partnered with the third-party outgo provider, MoonPay, to facilitate the backing of USDT balances. These caller USD on-ramps enactment USDT purchases done assorted outgo methods, including debit cards, recognition cards, Apple Pay, and Google Pay.

However, the travel to this modulation has not been smooth. The request for a drastic determination to a crypto-only speech resulted from important regulatory scrutiny.

As CryptoSlate reported, allegations of breaching securities laws led to Binance.US and related entities facing a suit from the SEC, prompting banking partners to suspend USD channels. This led to delays successful processing withdrawals and saw USD deposits and recurring bargain orders suspended. Subsequently, the level began the process of delisting USD trading pairs.

Despite these challenges, Binance.US has maintained operations successful crypto trading, staking, deposits, and withdrawals. It besides resolved the bulk of delayed U.S. dollar withdrawals successful June, erstwhile the level advised its users to person their USD to stablecoins.

Implementing the Buy & Sell Crypto diagnostic signals Binance.US’s resilience successful the look of regulatory scrutiny. By adopting USDT arsenic its basal asset, it tin proceed to connection its customers a level for crypto transactions contempt the hurdles faced.

The station Binance US shifts to ‘crypto-only’ aft dropping USD, MoonPay becomes caller on-ramp appeared archetypal connected CryptoSlate.