Aaryamann Shrivastava
FXStreet
- Binance.US has been assessing options to return to its earlier status from the current “crypto-only platform”.
- The partnership with MoonPay would enable users to buy USDT on the application using USD and sell it back for the same, an option that has been unavailable recently.
- Binance Coin seemed to observe no significant impact from the development, declining to a 14-month low as Binance.US stands as a separate entity.
Binance.US, the American arm of the biggest cryptocurrency exchange in the world, recently faced a setback. After being cut off by the banks, the exchange users had to apply creative methods to gain access to USD fiat transfers. However, a new partnership is set to bring these troubles to an end.
Binance.US brings back USD transfers
Binance.US announced to its users first and then to the public its new partnership with crypto service provider MoonPay. The latter is a payment service that allows the purchase of cryptocurrencies using fiat, debit and credit card. By making MoonPay a payment partner, Binance.US will be able to facilitate the use of USD to purchase and trade crypto assets on the exchange.
The cryptocurrency exchange has been attempting to find a solution to this problem for a while now. Attaining the “crypto-only” platform status, Binance.US can only allow the buying and selling of crypto assets using other crypto assets, and as a result, users have to bring their assets over from a cold wallet or other exchanges.
However, with MoonPay, this process will become much simpler. Users will now have to simply purchase USDT using the Dollar to buy and trade crypto assets. In order to withdraw their money, one would have to first sell their cryptocurrencies for USDT and then sell the USDT for USD to withdraw the amount directly to their bank account.
Today, we're excited to introduce a new $USD on-ramp!
— Binance.US (@BinanceUS) August 22, 2023
✔️ Buy $USDT on https://t.co/AZwoBOgsqS through payment partners like @moonpay, which supports debit & credit card, Apple Pay, and Google Pay.
✔️ Sell USDT for USD to withdraw via bank transfer.
Learn more & get started ⤵️
Interestingly, Binance Coin, the native crypto asset of Binance, did not display any sign of bullishness in response to this development. Since Binance.US is a separate entity, it does not hold a direct affiliation with the cryptocurrency, resulting in the lack of movement in BNB at the time of writing.
Trading at $206.8, Binance Coin price is in a downtrend falling towards the June 2022 lows of $196. Earlier this month, the altcoin lost the support of $219, and combined with the broader market bearishness, the cryptocurrency seems to be in a freefall.
BNB/USD 1-day chart
If Binance Coin price bounces off the support at $196, it would have a shot at recovery, but for the same, the resistance of $219 must be flipped into a support floor. This would allow BNB to climb back up to $231 and wipe out the losses of August.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.