Author: TOM MITCHELHILL, COINTELEGRAPH; Translation: Song Xue, LianGuai
Binance.US announced a new partnership with the cryptocurrency payment company MoonLianGuaiy, allowing users to purchase Tether, a stablecoin pegged to the US dollar, on its platform.
The cryptocurrency exchange announced on August 22nd that it will adopt USDT as the new “base asset” for all trades, and its partnership with MoonLianGuaiy provides users with a way to trade with US dollars.
This new partnership comes after Binance.US’s banking partnership broke down, and the exchange’s fiat deposits have been suspended since June 9th.
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At the time, it cited the “aggressive and threatening” tactics of the U.S. Securities and Exchange Commission – which had sued the exchange and its affiliates four days earlier – as the reason for the interruption.
The statement said that Binance.US customers who wish to fund their accounts can now convert dollars into USDT, which can then be used to purchase other cryptocurrencies on the platform.
While Binance.US still disables direct bank deposits, this partnership provides users with an entry point, supporting purchases through debit cards and credit cards, as well as Apple and Google Pay.
On June 23rd, the exchange experienced a series of issues with dollar withdrawals, but managed to temporarily restore functionality. At the time, it warned that the service would be discontinued in the near future.
Prior to Binance.US and its affiliates being sued by the SEC, the exchange supported the purchase and sale of popular cryptocurrencies through direct dollar deposits and withdrawals.
In March of this year, during a broader banking crisis, many cryptocurrency exchanges and service providers lost their banking partnerships, and many crypto-friendly banks – Silicon Valley Bank, Silvergate, and Signature Bank – collapsed within weeks.