- Financial institutions in New York are now able to list and custody Binance USD following approval by the New York financial Department of financial services.
- This is a great milestone for the token and the platform.
Financial institutions in New York are now able to list and custody Binance USD following approval by the New York financial Department of financial services. This is a great milestone for the token and the platform.
The New York department updated its list to greenlight certain assets including the new Binance USD listing. This will mean that banks will be able to go ahead and use the asset without requiring any more approval from any lawmaker or regulatory body. However, this will be aside from just a notification letting them know that the listing is going ahead.
According to the compliance offer from the Department, licensed banking institutions will be able to move in on the token as soon as they like. It further states:
“If tomorrow, JP Morgan decides to use BUSD, they can and do so immediately.”
Binance itself stated that the department approved the token during its launch in September last year but further approval was needed for platforms before they could list it available to the public. The company partnered up with the New York-based Paxos trust company in order to launch the stablecoin with the CEO of the platform, CZ saying:
“We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of digital assets”
This token will give users the ability to purchase digital dollars with zero buying and redeeming features as well as using it to transfer money through decentralised energy at a quicker rate with lower costs.