Binance.US, the American arm of the biggest cryptocurrency exchange in the world, recently faced a setback. After being cut off by the banks, the exch
ange users had to apply creative methods to gain access to USD fiat transfers. However, a new partnership is set to bring these troubles to an end.Binance.US announced to its users first and then to the public its new partnership with crypto service provider MoonPay. The latter is a payment service that allows the purchase of cryptocurrencies using fiat, debit and credit card. By making MoonPay a payment partner, Binance.
The cryptocurrency exchange has been attempting to find a solution to this problem for a while now. Attaining the “crypto-only” platform status, Binance.US can only allow the buying and selling of crypto assets using other crypto assets, and as a result, users have to bring their assets over from a cold wallet or other exchanges.
However, with MoonPay, this process will become much simpler. Users will now have to simply purchase USDT using the Dollar to buy and trade crypto assets. In order to withdraw their money, one would have to first sell their cryptocurrencies for USDT and then sell the USDT for USD to withdraw the amount directly to their bank account.
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