Binance.US, a crypto exchange, has recently partnered with MoonPay, a payment startup, to provide customers with an alternative means to convert dollars into cryptocurrencies. This collaboration comes after the exchange has encountered many legal and financial obstacles due to heightened regulatory scrutiny, which has prevented customers from depositing or withdrawing dollars for over a month.MoonPay CEO Ivan Soto-Wright has assured that his company will conduct rigorous know-your-customer (KYC) compliance checks for Binance.US users. Customers can use their debit or credit cards, Apple Pay, or Google Pay to purchase Tethers, which can then be used to acquire other available crypto tokens on the Binance.US platform.In June, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance.US and its global affiliate, Binance.com, alleging various securities law violations. This has caused an exodus of customers and a decline in liquidity on the platform, leaving it as a marginal player compared to US rivals Coinbase Global and Kraken.BAM Trading, Binance.US’s operating company, has filed for a protective court order against the SEC, claiming that the regulator’s requests for information were overly broad and unduly burdensome. The order seeks to limit the SEC’s depositions of BAM employees, including the CEO and CFO.Binance.US’s collaboration with MoonPay offers a potential solution to the platform’s banking challenges and provides users an alternative method to convert dollars into cryptocurrencies. The exchange is aiming to restore customer confidence and regain its competitive standing in the US crypto market. Binance Coin (BNB) is currently undergoing an extended downtrend, trading at $208.3 and representing a decrease of over 1% in the last 24 hours and a decline of more than 15% over the past fourteen days.
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Ivan Soto-Wright, Changpeng Zhao, SEC, CZ, CEO, CFO |
| Currencies | Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), None |
| Securities | None |
