Amidst banking issues, Binance.US introduced a new USD on-ramp.
Binance.US partnered with MoonPay to give users a new way to buy USDT.
On August 22nd, the exchange posted: “Today, we're excited to introduce a new $USD on-ramp!”
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According to the released statement, MoonPay offers a convenient USD on-ramp that enables USDT purchases using debit or credit cards, Apple Pay, and Google Pay.
Currently, Binance.US is transitioning to a crypto-only exchange, meaning the main currency used on the platform is USDT, a stablecoin fixed on the USD. The customers can then use USDT to buy or sell any of the supported cryptocurrencies.
Such a roundabout way to fund users’ accounts came into effect when the SEC launched an investigation into Binance.US. As a consequence, the platform was forced to suspend USD deposits and withdrawals through banks.
Bank services seem to be unavailable for the foreseeable future as the legal battle with the SEC continues.
Partnership with MoonPay gives back the ability to more conveniently buy USDT using USD via the app. However, in the same statement, Binance warned that MoonPay is not available in Louisiana.
Binance.US stated:
The enhanced Buy & Sell Crypto With USDT feature is now available on the latest version of the Binance.US app, and will be available on our website at a later date.
While a new day to exchange fiat for USDT might be appreciated by some users, other crypto enthusiasts remember the incident with IOTA Trinity Wallet that had integration with MoonPay and was exploited through that same connection.
The fees related to MoonPay also seem to be a talking point in the community.
Amidst the scrutiny from the SEC, it's not just banking issues the exchange has to deal with, as Binance.US allegedly barely avoided liquidation.
