Binance.US Shifts to a Crypto-Only Platform, Setting USDT as Its Core Asset
In Brief
Cryptocurrency exchange Binance.US The exchange has officially changed to a crypto-only platform, replacing USD with USDT as the main basis for trading activities.
In a bid to make USDT funding more accessible, Binance.US has teamed up with various third-party payment processors like MoonPay .
Cryptocurrency exchange Binance.US The exchange has made the switch to a crypto-only model, replacing USD with USDT as the core for all transactions. USDT, a stablecoin linked to the U.S. dollar, was launched in 2014 by Tether Limited Inc.
To facilitate seamless funding of accounts with USDT, Binance.US has collaborated with various third-party payment providers such as MoonPay . This partnership allows customers at Binance.US to acquire USDT through multiple payment options, including debit or credit cards, as well as via Apple Pay and Google Pay.
In order to purchase cryptocurrencies using USD, users must first acquire USDT through the Binance.US app. Then, they can click 'Buy' and choose a partner service to obtain USDT. After completing this step, they can select their preferred payment method. During the USDT purchasing process, users will be redirected to MoonPay’s site.
Interestingly, MoonPay emphasizes that its user identification process is swift and straightforward, averaging about sixty seconds.
This shift coincides with the launch of an upgraded feature, 'Buy & Sell Crypto With USDT', now available on the Binance.US mobile app. As highlighted in the announcement, this feature supports transactions for more than 150 cryptocurrencies. announcement With these enhancements, Binance.US aims to offer a more efficient user experience, ensuring fast, secure, and convenient transactions within the digital assets landscape.
Furthermore, the 'Buy & Sell Crypto' function allows users to convert their cryptocurrency assets back into USD. Binance.US partners, including MoonPay, support sell orders that require a minimum of $30, with associated transaction fees of 2.25% for bank transfers.
The updated 'Buy & Sell Crypto With USDT' feature is now accessible via the latest edition of the Binance.US app, with plans underway to make this functionality available on their website soon.
Binance.US has announced its intention to acquire the assets of Voyager.
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Disclaimer
In line with the Trust Project guidelines Valeria, a journalist for Metaverse Post, focuses on topics related to fundraising, artificial intelligence, the metaverse, digital fashion, NFTs, and other web3 subjects.
