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Binance coin
Binance coin

Binance ‘s USD-backed stable coin approved by the NYDFS

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.


Binance Coin – 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
Binance

 

 

 

What is BUSD?

  • Highly regulated 1:1 USD-backed crypto stablecoin.
    These are digitised US Dollars and are always purchased and redeemed at 1 BUSD for 1 US dollar.
  • Purchase and redeem with Zero Fees
    Binance and Paxos don’t charge a fee for the purchase or redemption of Binance USD (BUSD) However bank charges/wire fees may apply.
  • Transfer globally, fast and low-cost.
    Supported on both ERC-20 and BEP-2; transfer your dollars anywhere in minutes, with low cost and on the blockchain.

Binance Stablecoin now Approved by NYDFS

As many are likely aware, Binance ’s stable coin — 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 stable coin can now be purchased with fiat currencies or obtained in exchange for another cryptocurrency on Binance’s platform.

READ  Binance: Bring the Future(s) With You

 

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Mia Turner

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