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MoonPay Provides an Option to Binance.US to Deal with Crypto Payment Holdup

The latest feature permits the consumers of the crypto exchange to transfer dollars into cryptocurrency.

ShahZaib Ahmed

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MoonPay, a payment venture, is offering a new option to the crypto exchange Binance.US. The latest feature permits the consumers of the crypto exchange to transfer dollars into cryptocurrency. This development was witnessed following Binance.US suspended deposits in USD back in June. In this way, the exclusive facility intends to tackle the respective suspension.

With MoonPay’s Latest Feature, Binance.US Can Tackle the Suspension of Crypto Payments

Consumers now have the function to purchase the well-known stablecoin named Tether (USDT). They can do this via Google Pay, Apple Pay, credit cards, or debit cards. Following that they can convert the respective USDT tokens to the rest of the crypto tokens. The prominent news outlet Bloomberg reported this on Tuesday while referring to an email to consumers.

In the case of the Binance.US clients, MoonPay said that it is offering the service to willing customers. The payment giant added that the clients willing to buy crypto and transfer it to fiat currency can use it. In its statement, the platform also stated that it also imposes know-your-customer requirements on the users for this service.

Crypto Exchange’s Broken-up Ties with Collaborators Triggers the Suspension

The suspension took place after the ties between Binance.US and diverse collaborators were broken. This was a result of the legal action that the US SEC took against the crypto exchange. The US securities regulator alleged it of operating an exchange of registered securities. At the moment, the current 24h trading volume of the exchange is nearly $10.5M, as per CoinGecko’s statistics.

Also Read: Nigeria’s SEC Warns Nigerians Against Trading on Binance

On the other hand, the present 24h trading volume of Coinbase is almost $1.15B and Kraken stands at roughly $500M. Binance.US asserts that it works autonomously without being impacted by the chief Binance exchange. Nonetheless, Changpeng Zhao (the founder of Binance) plays the role of Binance.US’ chairman

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