Business News Report
August 23, 2023

Binance.US Transitions to Crypto-Only Exchange with USDT as New Base Asset

In Brief

Cryptocurrency exchange Binance.US announced it has transformed into a crypto-only exchange by substituting USD with USDT as the foundation for transactions.

To simplify the process of funding accounts with USDT, the company has partnered with third-party payment providers such as MoonPay.

Binance.US Transitions to Crypto-Only Exchange with USDT as New Base Asset

Cryptocurrency exchange Binance.US announced it has transformed into a crypto-only exchange by substituting USD with USDT as the foundation for transactions. The latter is a stablecoin pegged to the U.S. dollar, launched by Tether Limited Inc. in 2014. 

To simplify the process of funding accounts with USDT, Binance.US has partnered with third-party payment providers such as MoonPay. This collaboration enables Binance.US customers to purchase USDT through various payment methods, including debit or credit cards, Apple Pay, and Google Pay.

To buy cryptocurrencies using USD, individuals need to add USDT to their wallets via the Binance.US app. After that, they can click on “Buy” and opt for an integrated partner service to acquire USDT. Once done, users can select their preferred payment method. During the process of purchasing USDT, users will be directed to MoonPay’s website.

Additionally, MoonPay asserts that its identity verification process is rapid and uncomplicated, averaging about sixty seconds.

This change accompanies the rollout of an enhanced “Buy & Sell Crypto With USDT” feature on the Binance.US mobile app. As stated in the announcement, it will now facilitate transactions for over 150 supported cryptocurrencies.  

Through this enhancement, Binance.US aims to provide a streamlined user experience, enabling swift, secure, and convenient transactions within the cryptocurrency ecosystem.

Moreover, the “Buy & Sell Crypto” feature enables users to convert their crypto holdings into USD. Binance.US partners, including MoonPay, facilitate sell orders with a minimum amount of $30, accompanied by a transaction fee of 2.25% for bank transfers.

The upgraded “Buy & Sell Crypto With USDT” feature is accessible through the latest version of the Binance.US app. The company has intentions to extend the availability of this feature to the website soon.

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About The Author

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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Valeria Goncharenko
Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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