According to a recent announcement by one of the world’s largest crypto exchanges, Binance, its USD-backed stablecoin was just approved by the New York State Department of Financial Services.

One of the world’s largest crypto exchanges by trading volume, Binance, has been making headlines on a regular basis for the last three years. The exchange is being the topic of countless reports once again today, January 6th, after its recent announcement that its stablecoin was just approved by the New York State Department of Financial Services (NYDFS).

$BUSD – #Binance’s USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS).
Purchase, convert and trade!
💰https://t.co/20EjHHfVAh pic.twitter.com/jQUaaffBuP
— Binance (@binance) January 6, 2020

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…

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Source: https://thebitcoinnews.com/binance-stablecoin-receives-nydfs-approval/