Key Points

  • Binance.US has scored another win after securing a partnership with MoonPay after having its US bank ties severed.
  • The exchange was on the spot after a lawsuit from the US SEC, prompting the banks to draw away from it as preventive measures.

Binance.US has scored another win after partnering with MoonPay to restore USD deposits and withdraws. The platform had lost its USD ramps due to the US SEC lawsuit.

Relief for Binance.US as it lands a new banking ramp

Binance.US had abandoned its USD banking partners after the US SEC pressed charges against it. As a result, it was forced to suspend all USD withdraws and deposits; however, customers could still switch their USD balances to other currencies and withdraw them.

The platform is now operating as a crypto-only trading exchange despite being on a legal tuff with regulators in the country. It has announced a new partnership with MoonPay to allow its users to buy USD-pegged Tether USDT stablecoin that can be used on its platform for trading purposes.

It announced on August 22 that USDT is selected as the base asset for all transactions between it and MoonPay, creating a path for trading using USD.