Binance Stablecoin Receives NYDFS Approval

According to a recent announcement by one of the world’s largest crypto exchanges, Binance, its USD-backed stablecoin was just approved by the New York State Department of Financial Services.

One of the world’s largest crypto exchanges by trading volume, Binance, has been making headlines on a regular basis for the last three years. The exchange is being the topic of countless reports once again today, January 6th, after its recent announcement that its stablecoin was just approved by the New York State Department of Financial Services (NYDFS).

Binance stablecoin now approved by NYDFS

As many are likely aware, Binance’s stablecoin — Binance USD (BUSD) — is a cryptocurrency backed by US dollars. The coin was developed and issued by Binance, in partnership with Paxos, which is a regulated financial institution building infrastructure to enable movement between physical and digital assets.

Thanks to the new approval by the NYDFS, Binance’s stablecoin can now be purchased with fiat currencies or obtained in exchange for another cryptocurrency on Binance’s platform.

Binance also allows users to convert BUSD into four other stablecoins, including USDT, USDC, TUSD, and PAX itself. The coin can also be traded against a number of other cryptocurrencies on Binance’s exchange. Furthermore, according to Binance’s platform, the coin can be purchased or redeemed without any fees, although the exchange warns that bank charges and wire fees may still apply.

Following the announcement, Binance made BUSD available globally, allowing for fast transfer at a low cost. The coin is supported on both, ERC-20 and BEP-2.

As part of its approval-seeking campaign, Binance pitched its stablecoin as a government-friendly alternative to Libra….

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