Binance USD stablecoin has been now green listed by New York’s financial regulators which means that the banks and financial institutions can use the asset with none further additional regulatory approval.
The NYDFS [New York Department of Financial Services] has updated its “Greenlist” this week to incorporate BUSD.
This means banks within the NY area can now custody and list BUSD without prior approval from the NYDFS – they need to still inform the regulator before adding it, however.
Binance Compliance Officer Samuel Lim told that BUSD might be accepted “on an instantaneous basis” by licensed entities.
“So if tomorrow, JP Morgan decides to use BUSD, they can and do so immediately,” he added.
Binance said BUSD was NYDFS-approved at its launch earlier in Sept last year, but exchanges needed prior approval before listing it.
BUSD is now a white-label stablecoin from the Paxos trust corporation, which the NYDFS approved to issue stablecoins in 2018.
Notably absent is Binance Coin [BNB], the exchange’s native token. The spokesperson declined to discuss whether [Binance] was trying to urge BNB green listed.
Binance United States, the exchange’s native trading platform, is still not available in NY.