Binance’s USD stablecoin has been given the green light by New York’s financial watchdog, meaning banks and financial institutions can use the asset without any further regulatory approval.
- The New York Department of Financial Services (NYDFS) updated its "Greenlist" this week to include Binance USD (BUSD).
- This means banks in the New York area can now custody and list BUSD without prior approval from the NYDFS but must still inform the regulator before adding it.
- Binance Compliance Officer Samuel Lim told CoinDesk BUSD could be accepted "on an immediate basis" by licensed entities.
- "So if tomorrow, JPMorgan decides to use BUSD, they can and can do so immediately," he said.
- Binance said BUSD was NYDFS-approved at its launch in September 2019, but exchanges needed 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.
- Notably absent is Binance coin (BNB), the exchange's native token. The spokesperson declined to comment on whether Binance was trying to get BNB greenlisted.
- Binance U.S., the exchange's local trading platform, is still not available in New York.
See also: German Regulator Seizes Crypto ATMs
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