April 19, 2024
Assisting Binance.US Customers Impacted by Deposit Suspension: MoonPay's Dollar-to-Crypto Solution
Latest Cryptocurrency News

MoonPay’s Dollar-to-Crypto Solution Aids Binance.US Users Affected by Deposit Freeze

MoonPay, a payment startup, has facilitated a solution for Binance.US customers, allowing them to transform their dollars into cryptocurrencies. This move comes after Binance.US halted U.S. dollar deposits in June due to the suspension of ties with banking partners following legal actions by the U.S. Securities and Exchange Commission (SEC) over allegations of running an unregistered securities exchange, A\as per a Bloomberg report on Tuesday.

Customers can choose to purchase the stablecoin tether (USDT) using credit cards, debit cards, Apple Pay, or Google Pay. Subsequently, they can convert this stablecoin into various crypto tokens. A recent email sent to customers on Monday was cited as the source of this information.

Regarding this development, MoonPay’s CEO, Ivan Soto-Wright, stated in an interview with Bloomberg TV, “We obviously perform KYC; we follow all the regulatory rules across every single jurisdiction in which we operate, and so we can make it easy for them to top up their wallets.” This compliance makes it straightforward for customers to enhance their crypto wallets’ balances.

Although Binance.US asserts its independence from Binance, the renowned crypto exchange known for its high trading volume, Changpeng “CZ” Zhao, the founder of Binance, serves as the chairman of Binance.US. It’s reported that Zhao contemplated discontinuing the U.S. division due to increased regulatory scrutiny.

Comparing trading volumes, Binance.US currently registers a 24-hour trading volume of approximately $10.5 million, according to CoinGecko. In contrast, Coinbase records around $1.15 billion, and Kraken maintains a trading volume of $500 million. It is worth noting that while Binance.US exclusively operates within the U.S., Coinbase, and Kraken have a global trading presence.

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