Coinbase and Circle Receiving NYDFS Approval for BUSD Operations

02/14/2023 23:29 • Daily Digest • 128 views

21:00-7:00 Keyword: Coinbase, BUSD, Circle, NYDFS

Overview of important developments overnight on February 14

Interpretation of the news:

Coinbase, a popular cryptocurrency exchange platform, and Circle, a financial technology firm, announced on August 26, 2021, that they both received approval from the New York State Department of Financial Services (NYDFS) to offer BUSD operations in New York. BUSD, also known as Binance USD, is a stablecoin that is pegged to the US dollar and was created in partnership with cryptocurrency exchange Binance and Paxos Trust Company.

This announcement is significant for both Coinbase and Circle, as the NYDFS is a regulatory body that oversees the crypto industry in New York State. Obtaining this regulatory approval will increase the trustworthiness and legitimacy of these companies in the eyes of both investors and users. Additionally, it will open up new business opportunities for them in New York, one of the world’s financial centers.

Coinbase and Circle launched BUSD in 2018 and 2019, respectively. BUSD is among the few stablecoins that have been approved by the NYDFS, which has strict regulations in place to protect consumers and prevent money laundering. The approval signifies that BUSD satisfies these regulatory requirements, making it a more reliable option for the users.

Furthermore, BUSD offers significant benefits to users seeking stability amidst the volatility of the cryptocurrency market. As it is pegged to the US dollar, BUSD provides users with a stable and predictable value, making it an ideal option for investors seeking to avoid price fluctuations.

Coinbase and Circle’s announcement illustrates the growing demand for stablecoins in the cryptocurrency market. As more traders and investors enter the industry, they are seeking stable and reliable options to avoid the risks of the volatile market. The approval from the NYDFS highlights the importance of regulatory bodies in the crypto industry and the need to provide users with safe and secure options.

In conclusion, Coinbase and Circle’s approval for BUSD operations in New York is a significant milestone for both companies and the wider crypto industry. It shows that regulatory bodies are increasingly recognizing the importance of stablecoins in the cryptocurrency market and highlights the need for trustworthy and reliable options for investors and traders.

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