Binance BUSD (BUSD) is a cryptocurrency developed by the world’s largest crypto exchange, Binance. Launched in September 2019, it is an ERC-20 token issued on Ethereum blockchain and fully backed 1:1 with US Dollars held at Paxos Trust Company. It provides a secure and convenient way to trade between USD and other cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP etc., which are available directly through the Binance platform.
The primary benefit of using BUSD is that it eliminates any currency risk when trading crypto assets because its value remains pegged to one US dollar throughout the entire transaction process. This makes for easy conversion from fiat currencies into digital assets or vice versa without having to worry about market volatility fluctuations caused by traditional financial markets or external factors such as geopolitical tensions or natural disasters.
Another advantage of using this cryptocurrency over other stablecoins like Tether USDT is that all transactions involving BUSD are compliant with Anti-Money Laundering regulations set forth by New York State Department of Financial Services via their collaboration with Paxos Trust Company, who also has custody over users’ funds stored within the system itself – thus providing greater security against hacker attacks and fraudulent activities related to money laundering schemes found elsewhere across different exchanges around the globe.
Lastly, since all trades taking place within this network involve only two parties – buyers & sellers – there’s no need for costly third party intermediaries involved in order facilitate these operations; making them much cheaper compared to more complex transactions handled outside standard marketplaces where additional fees may apply due various reasons including but not limited taxation laws governing certain jurisdictions where goods/services were purchased originally before being exchanged back into another form virtual asset later on down line somewhere else entirely separate jurisdiction altogether!
