Binance Gets NY Financial Services’ Nod for Its USD-Pegged Stablecoin
The New York State Department of Financial Services (NYDFS), has approved the global crypto exchange Binance for its USD-pegged stablecoin, BUSD. This announcement was made today via Twitter. It will allow New Yorkers to “purchase convert and trade” the stablecoin in exchange for the USD.
The state regulator approved the crypto exchange to enter a lucrative market that offers many stablecoin-based services.
Stablecoin – a proxy to fiat
Binance’s USD-pegged token was launched last year. It also listed many tokens against the token on its various exchange platforms. The stablecoin was created by the exchange in partnership with Paxos, a fiat-pegged coin issuer.
The exchange, which is registered in Malta, offers no additional trading costs with the coin. This excludes the mandatory wire transfer and bank fees. The token can also be purchased with stablecoins such as USDT, USDC and TUSD. The coin can also be supported by both ERC-20 standards and BEP-2 standards.