Binance’s USD stablecoin has been granted the go signal by New York’s financial watchdog, indicating that banks and financial firms can use the asset without any additional regulatory permission.
The New York Department of Financial Services (NYDFS) refreshed its “Greenlist” this week to introduce Binance USD (BUSD).
This indicates that banks in the New York area can now have custody and list BUSD without prior permission from the NYDFS but must still notify the regulator before adding it.
Samuel Lim, Binance’s Compliance Officer, advised CoinDesk BUSD could be acquired “on an immediate basis” by licensed entities. “So if tomorrow, JPMorgan decides to use BUSD, they can and can do so immediately,” he stated.
Binance said BUSD was NYDFS-approved at its launch in September 2019, but exchanges required approval before listing it. BUSD is a white-label stablecoin from the Paxos Trust Company, which the NYDFS approved to issue stablecoins in 2018.
Bitcoin, ether, and litecoin are all on the NYDFS’ Greenlist, as are stablecoins such as Gemini dollar and Paxos. Distinctly absent is Binance coin (BNB), the exchange’s native token. The spokesperson refused to comment on whether Binance was trying to get BNB greenlisted.
The Binance U.S., the exchange’s local trading platform, is still not available in New York.
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