The US arm of Binance, Binance.US, has partnered with the payments firm, MoonPay for on-ramp fiat payments services on the crypto exchange. The users of the exchange will be able to purchase stablecoin USDT using USD.
New Payments Provider of Binance.US
According to the official announcement yesterday (Tuesday), Moonpay, as a third-party payment provider, will accept USD payments for on-ramp services using debit and credit cards and mobile wallet platforms like Google Pay and Apple Pay.
“MoonPay is available at launch [of the exchange’s payment options], with more payment providers to come,” the official announcement stated.
Today, we're excited to introduce a new $USD on-ramp!✔️ Buy $USDT on https://t.co/AZwoBOgsqS through payment partners like @moonpay, which supports debit & credit card, Apple Pay, and Google Pay.✔️ Sell USDT for USD to withdraw via bank transfer.Learn more & get started ⤵️
— Binance.US ???????? (@BinanceUS) August 22, 2023
Troubles of Binance with Its Payment Providers
The partnership was made as Binance.US and its global parent are facing troubles with their existing payment partners. PaySafe, which handles payment services for Binance in Europe, ended its partnership with the controversial crypto exchange and will terminate all services from September 25. Binance is also facing problems with its payment providers in Australia.
Recently, several reports claimed that withdrawals on Binance in Europe are facing problems. However, the exchange refuted those claims, following an “erroneous” Tweet about suspending deposits and withdrawals using the Single Euro Payments Area (SEPA).
In the US, Binance is facing a massive regulatory backlash after two regulators, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), brought lawsuits against the exchange and its CEO, Changpeng Zhao. In response, Binance.US trimmed its services, including shading its fiat services and limiting it to be a crypto-only exchange. The payment problems of the US-based exchange started with the collapse of its two banking partners, Signature Bank and Silvergate Bank.
Now, Binance.US has announced that it has made USDT its base currency, and the partnership with Moonpay will allow users to convert USD to USDT to use on the exchange.
However, Moonpay will charge a steep purchase fee of 3.49 percent at launch, which can vary, with a minimum purchase amount of $30. For withdrawals, the platform will charge a transaction fee of 2.25 percent for bank transfers.
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This article was written by Arnab Shome at www.financemagnates.com.
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