Last Updated: August 27, 2023
• Binance.US has partnered with MoonPay to provide USD ramps for its customers.
• The new solution creates new challenges for customers, such as high fees.
• Users can buy USDT with traditional payment methods and also convert USDT to USD and withdraw it directly to their bank accounts.
Binance.US Rolls Out New USD Ramp
Binance.US has partnered with MoonPay in an effort to provide fiat ramps for its customers, despite the SEC case against Binance and the banking troubles that ensued from it. This partnership aims to offer users seamless workarounds so that they can access the platform through traditional payment rails.
Challenges of the Partnership
Despite the convenience provided by this partnership, there are certain obstacles which could serve as potential barriers to adoption, namely high fees charged by MoonPay. Transactions made via debit or credit cards carry a fee of 3.49%, or a minimum of 0.5% plus $1.99 at launch, while cash out orders from $30 upwards have unspecified partners facilitating them through ACH transfers with MoonPay taking care of the transaction costs.
Reaction From Users
The reaction from users was swift and critical upon learning about these fees being charged by MoonPay, which is known to be some of the highest within crypto services compared to other solutions on the market today .
Other Solutions On Offer
In addition to offering these solutions, Binance US also provides complimentary trading tools like charts and technical analysis indicators that allow users more control over their trades, as well as access to deeper liquidity pools across different markets around the world .
Despite facing criticism from users due to its high fees , it appears that Binance US’s new partnership with MoonPay is a viable workaround for U S citizens seeking access into crypto markets despite looming banking troubles .