Binance.US – the United States arm of the global exchange, has adopted USDT as its base asset as it completes the transition to a crypto-only exchange. In a strategic move, the embattled exchange bowed to regulatory pressure, removing USD as its base asset.
Binance made this announcement via a blog post on its official website. The strategic move is in response to its bank partners suspending USD channels after the U.S. SEC filed a lawsuit against the company in June.
In light of this, Binance.US has introduced a new feature that will enable customers to buy and sell crypto with USDT. The new feature allows users to transact with over 150 supported cryptocurrencies using USDT in place of USD.
Binance.US partners with MoonPay
Meanwhile, Binance.US has partnered with third-party payment provider, MoonPay to offer users very convenient new USD on-ramps to enable them to easily purchase USDT with debit card, credit card, Apple Pay, and Google Pay.
However, the new Buy and Sell feature is only available on the latest version of the Binance.US app and will be integrated into the website in the future. Users can now fund their USDT balance either by using the new on-ramps, by direct USDT deposits, or simply by converting other cryptocurrencies to USDT.
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In addition, Binance.US customers who are using MoonPay for the first time will be required to verify their identity before completing transactions. The identity verification process is quick and seamless. Details such as name, date of birth, and billing address are required to complete this process.
Once verification is complete, customers can carry out and complete transactions in seconds, and login info is saved for a period of 30 days. It is important to note that MoonPay’s minimum purchase order is $30 with a purchase fee of 3.49%.
Binance.US and regulatory scrutiny
Binance.US and its related entities faced a lawsuit from the Securities and Exchange Commission for allegedly breaching securities laws. This lawsuit led to the severing of banking partners as they cut USD channels.
Following this, there were delays in processing withdrawal requests which led to suspension of USD deposits and buy orders. Consequently, Binance.US went ahead to delist USD trading pairs.
In spite of these regulatory challenges, Binance.US has strived to provide its users with the best experience by continuing crypto trading operations including deposits and withdrawals, ultimately leading to the adoption of USDT as its base asset.
In the end, Binance.US move highlights the feasibility and adaptability of stablecoins like USDT, which not only give a stable value pegged to a well-known currency but also rapid, affordable transactions that are fundamental to blockchain technology.