Binance.US has announced that it has now designated USDT as the “base asset” for all its transactions in line with its transition to a crypto-only exchange. As a result, its users will have to convert their deposited U.S. dollars into USDT to access the services offered on the platform.
The exchange disclosed this in a blog post on August 22, 2023, and announced a new feature that allows its users to buy or sell any of over 150 cryptocurrencies supported by the platform with USDT. It also announced that it has partnered with third-party on-ramp platforms like MoonPay to facilitate seamless USD conversions for its users.
Binance.US stated:
“To make it easier to fund your account with USDT, we’ve partnered with third-party payment providers like MoonPay to offer convenient new USD on-ramps that support USDT purchases with debit card, credit card, Apple Pay, and Google Pay.“
This new feature addresses the challenges posed by the suspension of direct bank deposits on the exchange as it offers users an alternative option to conduct transactions.
On June 9, 2023, Binance.U.S. halted dollar deposits and alerted its users that fiat withdrawal options would soon become unavailable. The exchange urged its users to convert their USD to a stablecoin or withdraw their funds to continue conducting crypto-to-crypto trading.
The exchange began transitioning to exclusively accepting cryptocurrencies for transactions on June 13, 2023. By July 2023, this process was complete, and the exchange no longer accepts U.S. Dollars. It has stated that it will continue this policy until it can find a reliable and secure banking partner.
Binance.U.S’s transition into a crypto-only exchange and the issues with U.S. dollar withdrawals emerge against the backdrop of an ongoing legal dispute between Binance and the U.S. Securities and Exchange Commission (SEC).
The U.S. SEC has reportedly reached an agreement with Binance and Binance.US to ensure that customer funds from the United States remain within the country until the resolution of an ongoing lawsuit filed by the regulatory body earlier in June 2023.
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