Binance, the biggest crypto exchange in the world, has a part in America called Binance.US. It’s facing difficulties and needs a way to let people use their money on the exchange.
The regular banks that used to help stopped because of rules from the government. But now, Binance.US found another way to let people use their regular money on the exchange.
They said on August 22 that they’re opening new ways for customers to put their dollars (USD) into their Tether (USDT) balance using services from partners.
Binance and MoonPay
The part of Binance in the United States is changing to only deal with cryptocurrencies, not regular money like USD. They are using a digital version called USDT for transactions now.
Back in June, Binance.US stopped letting people put their USD into the exchange because they had problems with banks. This happened after the SEC (a government organization) took strong actions against them and tried to stop their money.
Now, they have joined hands with MoonPay, a company that helps people easily pay with USD on Binance.US. They said, “We’re working with MoonPay to let you buy USDT with a debit card, credit card, Apple Pay, or Google Pay, so you can add money to your account.”
MoonPay is now part of Binance.US mobile wallets, so you can use it to put USDT in. You can buy the big stablecoin, USDT, on MoonPay using USD, without needing a bank.
But when you use MoonPay, you’ll need to share some basic information, like your name, birth date, and where you live. Binance.US says that usually, this takes only about 60 seconds to check.
The new thing on Binance.US is called “Enhanced Buy & Sell Crypto.” The exchange still lets you use more than 150 different cryptocurrencies, and you can also turn them into USD using MoonPay.
More Problems for BNB
MoonPay is a company registered in the US that does money services. It works in more than 160 countries and is trusted by over 300 popular wallets, websites, and apps, as said on its website. The company says it has 5 million users and supports over 80 different things you can buy or use.
Because of this news, the main token of Binance, which is called BNB, went up by 5% in the last 12 hours. BNB had gone down a lot and reached its lowest value in over a year on August 22, when it was $204.
But now, it has gone up a bit and is trading at $213. But Binance still has problems. People are talking a lot about the company using its money to help its token that’s not doing well.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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