MoonPay, a payment startup, is allowing Binance.US customers to convert dollars into crypto after the exchange suspended U.S. dollar deposits in June. According to a Bloomberg report on Tuesday, customers have the option of buying stablecoin tether (USDT) using debit cards, credit cards, Apple Pay, or Google Pay, and then converting it into crypto tokens.
We obviously perform KYC; we follow all the regulatory rules across every single jurisdiction in which we operate, and so we can make it easy for them to top up their wallets, said MoonPay CEO Ivan Soto-Wright in an interview with Bloomberg TV on Tuesday.
The suspension of dollar deposits came after Binance.US lost ties with various banking partners due to legal action by the U.S. Securities and Exchange Commission (SEC) on allegations that it was operating an unregistered securities exchange. Binance.US’ 24-hour trading volume is now about $10.5 million according to CoinGecko data, compared with Coinbase’s roughly $1.15 billion and Kraken’s $500 million.
Binance.US claims to be independent of Binance, the largest crypto exchange by volume traded, though Binance founder Changpeng CZ Zhao also serves as the chairman of Binance.US. Zhao reportedly came close to shutting the U.S. offshoot following the heightened regulatory scrutiny.