Binance.US has responded to regulatory pressure by transitioning to a crypto-only exchange, replacing USD with USDT as its base asset. To facilitate transactions, the platform has introduced an enhanced Buy & Sell Crypto feature via its mobile app, which enables customers to transact with over 150 supported cryptocurrencies using USDT. Additionally, Binance.US has partnered with the third-party payment provider, MoonPay, to facilitate the funding of USDT balances.The need for this drastic move was prompted by the SEC’s lawsuit against Binance.US and related entities, which led to banking partners suspending USD channels and delays in processing withdrawals. Despite these challenges, Binance.US has maintained operations in crypto trading, staking, deposits, and withdrawals. It also resolved the majority of delayed U.S. dollar withdrawals in June.The Buy & Sell Crypto feature signals Binance.US’s resilience in the face of regulatory scrutiny. By adopting USDT as its base asset, it can continue to offer its customers a platform for crypto transactions despite the hurdles faced.
| Information |
Details |
| Geography |
North America |
| Countries |
🇺🇸 |
| Sentiment |
positive |
| Relevance Score |
10 |
| People |
None |
| Companies |
SEC, CryptoSlate, Binance.US, MoonPay, USDT |
| Currencies |
USDT, Bitcoin, Ethereum, USD, MoonPay |
| Securities |
None |
