Binance has issued Binance USD (BUSD), a stable coin pegged to USD that has received approval from the New York State Department of Financial Services (NYDFS). BUSD will be available for direct purchase and redemption at a rate of 1 BUSD = 1 USD. Binance USD approved for listing by New York banks. by Kamsi King. August 9, 2020. in Regulation News. 2 min read . 585. SHARES . 3.2k. VIEWS. Share on Facebook Share on Twitter. The Financial Department of Financial Services (NYDFS) in New York City has announced that it has granted a license to banks in the New York to list Binance USD. NYDFS told banks that they can now start using the ... Binance provides easy and convenient ways for you to buy Bitcoin instantly, and we put our best efforts to fully inform our users about each and every cryptocurrency we offer on the exchange, but we are not responsible for the results that may arise from your Bitcoin purchase. This page and any information in it is not meant to be interpreted as an endorsement of any particular cryptocurrency ... Binance US, the exchange’s on-the-books subsidiary, would go along with US compliance requirements and would not allow highly leveraged derivatives trading, the document said. Trading crypto derivatives is highly regulated in the US. Meanwhile, the “Tai Chi Company” would feign interest in compliance, while it was teaching investors on its platform how to evade geographical restrictions ... Users will also be able to buy BUSD on Binance.com for trading against three initial pairs: BUSD-Bitcoin (BTC), BUSD-Binance Coin (BNB) and BUSD-XRP. Paxos, which became the first approved and regulated company to offer crypto products and services when the NYSDFS granted it a limited-purpose trust charter in 2015, will serve as the USD custodian and issuer of BUSD. The regulated currency ... As reported Binance has made its long-awaited launch into the US market. The newly formed Binance US, is a completely separate legal entity from Binance, operated by BAM trading and ran by Catherine Coley. Following US law, the cryptocurrency exchange will be able to offer services to US citizens in approved states. Abiding with current regulation. 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.
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