Binance.US partners with MoonPay for fiat deposits

Binance.US is partnering with crypto payments company MoonPay to allow users to make fiat deposits using USDT. The US branch of the world's largest crypto exchange announced this in a statement.

The stablecoin, which is pegged to the U.S. dollar, thus acts as the underlying asset to conduct transactions in U.S. dollars. American customers who want to deposit fiat into their account can use it to convert U.S. dollars into USDT and then buy cryptocurrencies, according to Binance.US.

So the crypto exchange relies on the competition. Its own stablecoin ranks number 23 among the top cryptocurrencies with a market capitalization of only three billion US dollars. Direct bank deposits are still impossible. On June 9, Binance.US's banking partners stopped fiat deposits. The reason: A US Securities and Exchange Commission SEC lawsuit against Binance.US.

The two sides could tentatively agree on a deal. But the broader lawsuit will continue. In addition to selling unregistered securities, the SEC has accused Binance.US of misusing funds and lying to regulators.