Binance.US, a widely recognized cryptocurrency exchange, has teamed up with payment provider MoonPay to resolve the numerous complications it has been experiencing due to increasing legal and regulatory issues. This move demonstrates Binance’s commitment to restoring its stability in challenging times as well as providing its users with trouble-free dollar transfer services again.
For the past few weeks, users of Binance.US have had trouble depositing and withdrawing US dollars due to the disconnection with key financial institutions. To battle this head-on, Binance.US has devised a creative plan: enabling customers to purchase Tether (USDT) stablecoins using debit/credit cards and common mobile payment methods like Apple Pay or Google Pay. This will give users access to many digital assets available on the platform as they can quickly convert them into these stablecoins.
Despite having financial hardships, Binance.US and the international sister site Binance.com have also struggled to navigate regulatory issues in America this year. In June, the Securities and Exchange Commission charged them with disregarding various securities laws. Changpeng Zhao, the creator of both exchanges, strongly defended their platforms, but it has not stopped a large number of customers from leaving as a result.
When the Securities and Exchange Commission (SEC) raised a complaint against Binance.US, it was responsible for overseeing billions of dollars worth of customer-owned cryptocurrency assets. However, in recent months there has been an evident shortfall in liquidity on their platform, which has caused their market share to decrease significantly. It had once been an influential part of the crypto world, but now Binance.US is being overshadowed by competitors such as Kraken and Coinbase, who mainly focus their services on US customers.
Recently, Binance.US reaffirmed its commitment to effectively managing US dollar deposits held by customers in an interview with Bloomberg. Despite not disclosing the specifics of its affiliations with banking institutions, the platform attributes its success to enduring relationships with such institutions.
As Binance.US charts its course ahead, the alliance with MoonPay serves as a symbol of modernity intended to reduce the continuous transaction troubles that have affected its customers. The result of this connection, combined with the solving of regulatory hurdles, probably will determine the success of the exchange in a rapidly changing and dynamic cryptocurrency world.
Source: https://www.cryptonewsz.com/binance-us-and-moonpay-unite-to-tackle-transaction-hurdles/