Binance’s popular stablecoin BUSD will now be able to trade in New York banks without any limitations. It is one of the most important steps in the crypto ecosystem prior to the massification of digital currencies.
According to reports from the New York Department of Financial Services (NYDFS), collected by CoinDesk, Binance BUSD’s stablecoin, has the green light to operate in financial entities in the New York area.
In other words, users of banking institutions will be able to make use of BUSD in banks in New York without major restrictions. It is a license for this crypto company to operate as equals with other fiat currencies.
Binance BUSD stablecoin makes its way
Regarding this information, Binance’s CO, Samuel Lim, assured that “If tomorrow JP Morgan decided to use BUSD, they could do it immediately”.
Likewise, it should be remembered that BUSD received approval from the NYDFS in September 2019. However, to begin operating in the banks in the area, it needed the green light to enter the list.
Another important fact that must be taken into consideration is that both Bitcoin and Ethereum, as well as stablecoins such as Gemini dollar and Paxos. However, distrust in the former differs from that which may exist with BUSD.
What is BUSD?
BUSD, Binance’s stablecoin, is a currency that is pegged to the United States dollar. It has existed since September of last year 2019. It is issued directly from the Paxful platform and the direct purchase or exchange is equivalent to 1 = 1 with the USD.
It should be noted that Binance is a Blockchain-based ecosystem. It is the first exchange in order of importance. The volume of negotiation and exchange, as well as the number of countries that the service reaches, keep this firm in a dominant position.
Currently, this exchange operates in more than 180 countries on 5 continents. Another of the functions of this company is its trading service, which is one of the most popular for those who are dedicated to trading with cryptocurrency and fiat pairs.
One highlight that can be achieved with the Binance BUSD stablecoin is that, in many countries and regions, accessing the dollar is complex. In this sense, with this stablecoin, this equivalent can be obtained immediately and without any type of hindrance.
Data to take into consideration
- The stablecoin of Binance BUSD, will now be able to operate without hindrance in the banking institutions of the New York area.
- BUSD is a stable digital currency, which is equated 1 = 1 with the United States dollar.
- Now, according to Samuel Lim, CO of Binance, the availability of BUSD for investors is immediate within the banking system.
- BUSD has existed since September 2019, the date it was approved by the NYDFS. However, it is only now that it enters the list with a green light.
The information in this content has been extracted from reliable sources detailed below:
1- Professional content management by the authors of CriptoTendencia.
2- External sources: CoinDesk.com and dfs.ny.gov.