MoonPay Offers Binance.US a Solution to Crypto Payments Suspension

The U.S. exchange's customers now have the option of buying stablecoin USDT using their debit or credit cards, Apple Pay and Google Pay and converting it into crypto tokens.

AccessTimeIconAug 23, 2023 at 8:57 a.m. UTC
Updated Aug 23, 2023 at 9:59 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
  • Binance.US customers now have access to MoonPay to allow them to buy crypto and withdraw fiat from the crypto exchange.
  • Binance.US was forced to suspend U.S. dollar deposits in June after losing ties with various banking partners.

Payment startup MoonPay is allowing Binance.US customers to convert dollars into crypto after the exchange suspended U.S. dollar deposits in June.

Customers have the option of buying stablecoin tether (USDT) using debit cards, credit cards, Apple Pay or Google Pay and then converting it into crypto tokens, Bloomberg reported Tuesday, citing an email to customers.

"With respect to Binance.US users, we are providing a service for those users that want to purchase crypto as well as convert their crypto to fiat and deposit into their US bank account," MoonPay said in an emailed statement, adding that it carries out know-your-customer (KYC) checks on users of the service.

Binance.US had to suspend dollar deposits after losing ties with various banking partners, following legal action by the U.S. Securities and Exchange Commission (SEC) on allegations that it was operating an unregistered securities exchange.

The exchange's 24-hour trading volume is now about $10.5 million according to CoinGecko data, compared with Coinbase's roughly $1.15 billion and Kraken's $500 million. Binance.US, however, operates only in the U.S. while the other two trade worldwide.

Binance.US claims to be independent of Binance, the largest crypto exchange by volume traded, though Binance founder Changpeng "CZ" Zhao also serves as the chairman of Binance.US. Zhao reportedly came close to shutting the U.S. offshoot following the heightened regulatory scrutiny.

Binance.US did not immediately responded to CoinDesk's request for comment.

UPDATE (Aug. 23, 09:59 UTC): Adds statement from MoonPay; removes headline attribution to Bloomberg.

Edited by Sheldon Reback.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.