By Joeri Cant
Binance, the biggest crypto exchange by volume,and digital asset trust company Paxosannounced its partnership to launch a USD-backed stablecoin, which has received approval from the New York State Department of Financial Services (NYDFS)
Binance USD available later this month
In a press release shared with Cointelegraph on Sept. 5, Paxos co-founder and CEO Asia Rich Teo shared that the NYDFS’s approval of the stablecoin Binance USD (BUSD) is a vital step towards long term stability in global crypto markets. He continued by saying:
“We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners."
CZ excited to work with Paxos
Binance CEO Changpeng Zhao — commonly known as “CZ” — said that Paxos is leading the digital trusts space and expressed that Binance is excited to work with them in developing their native stablecoin. He went on to say:
“We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.”
Continue Reading at Cointelegraph.com
By Liam Frost
Per the announcement published on Sept. 2, the platform “will host a slew of trading pairs including popular cryptocurrencies like litecoin (LTC), ripple (XRP), tron (TRX), zcash (ZEC), stellar (XLM), and EOS.” It is also noted:
Always aim high
Managing director of Bitcoin.com exchange Danish Chaudhry told industry news outlet Decrypt that the platform “is hoping to compete against the bigger, more established exchanges, such as Coinbase and Binance by catering to its base.” He also claimed:
“Bitcoin.com is one of the most trusted brands in the industry.”
To attract new users to its exchange platform, Bitcoin.com also offers a few promotional benefits. For example, it is promised that “new accounts will get paid to trade by benefiting from negative 0.3% trading fees for the next three months.”
Month of permutations
As Cointelegraph reported on Aug. 2, Bitcoin.com has appointed Stefan Rust as the company’s new chief executive officer as Roger Ver left the post.
Ver, however, will not be completely gone, but will serve as Bitcoin.com’s executive chairman. The announcement did not clarify what duties this role will entail.
On Aug. 20, Bitcoin Twitter handle with one million followers renounced Bitcoin Cash. At the time, Bitcoin’s best-known names played a guessing game after one of the industry’s most controversial Twitter accounts changed its views overnight.
Kollen Post writes:
Changpeng Zhao, CEO of major cryptocurrency exchange Binance, has predicted that Binance will resume crypto-to-fiat operations in the United States within the next two months.
Navigating U.S. regulation
Zhao, also known as CZ within the crypto community, made his prediction in an interviewwith online news outlet Cheddar published Aug. 15. When asked about Binance’s return to operations in the U.S., Zhao said:
“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”
Back in June, Binance announced that the exchange would be temporarily restricting services in the U.S. as it worked to open a new division to operate with Financial Crimes Enforcement Network (FinCEN) approval, at Cointelegraph reported at the time.
U.S. regulation has been a critical issue In today’s interview, Zhao said that the partnership with BAM Trading Services will help the firm to navigate the US’s regulatory environment, commenting that “now we have our partner, we want to take this opportunity and explore the market.”
Future of the market
In response to a question about the impact of U.S. regulatory ambiguity, Zhao said:
“I think the US is one of the most developed markets because I think it has good regulations in the traditional finance space. Crypto is a new thing, and for new things, the US is a big country and with a lot of regulatory bodies and a very large market [...] in a large market it is harder to regulate.”
Zhao ultimately expressed optimism for the future of U.S. regulation, citing the country’s clear legal framework for traditional financial services as evidence that the environment for crypto will improve.
Despite Zhao’s optimism, Binance has experienced several issues with security in recent weeks. A dusting attack on Litecoin reportedly affected nearly 300,000 Binance users earlier this month. On Aug. 7, news surfaced that the exchange had fallen victim to a hack that exposed the know-your-customer data of its users.