MoonPay would be performing know-your-customer compliance check for users from Binance.US
According to the official announcement on Tuesday, MoonPay, as a third-party payment provider, will accept USD payments for on-ramp services using debit and credit cards and mobile wallet platforms like Google Pay and Apple Pay. CEO of the fintech firm, Ivan Soto-Wright, said in an interview with Bloomberg Television that his company would be performing know-your-customer compliance checks for users from Binance.US.
“We perform KYC; we follow all the regulatory rules across every jurisdiction in which we operate, and so we can make it easy for them to top up their wallets,” he said. In June, the US Securities and Exchange Commission sued Binance.US and its global affiliate Binance.com, alleging “a variety of securities law violations.” While Binance.US, Binance.com, and founder Zhao Changpeng have disputed the allegations against them, customers have fled the platforms.
It was also mentioned that users can “buy USDT on Binance.US through payment partners like MoonPay, which supports debit & credit card, Apple Pay, and Google Pay.”
This collaboration follows a recent incident where Binance.US encountered disruptions with its banking partners, suspending fiat deposits on the exchange since June. Coincidentally, during the same month, the exchange faced various challenges related to USD-denominated withdrawals.
About Binance.US
Binance.US is a cryptocurrency exchange designed to cater specifically to users in the United States. Launched in 2019, it operates as a separate entity from its parent company, Binance, to comply with U.S. regulations and offer a secure and compliant trading platform for American users. Binance.US provides a variety of cryptocurrencies for trading, along with features like spot trading, staking, and mobile apps for easy access. The exchange emphasizes robust security measures and regulatory compliance to ensure a trustworthy environment for users to trade cryptocurrency in the United States.
About MoonPay
MoonPay is a fintech company offering a cryptocurrency payment solution, allowing users to purchase cryptocurrencies using traditional payment methods such as credit and debit cards. Launched in 2018, MoonPay aims to simplify the cryptocurrency buying process by providing a user-friendly interface and streamlining the onboarding process for new users.
The platform partners with cryptocurrency exchanges, wallets, and decentralized applications (DApps) to offer a seamless experience for users to acquire digital assets. MoonPay’s services contribute to the broader adoption of cryptocurrencies by making it easier for individuals to enter the crypto space without the complexities often associated with traditional exchanges.
