Coinspeaker
Binance Becomes Fully Licensed Crypto Exchange in El Salvador
Binance has achieved the status of being a fully licensed crypto exchange in El Salvador, thereby adding to the number of countries where it is operating under proper regulatory oversight.
The Central Reserve Bank has granted the exchange the Bitcoin Services Provider (BSP) license, along with a non-provisional Digital Assets Services Provider (DASP) License from the National Commission of Digital Assets.
Commenting on the achievement of getting a license in El Salvador, Min Lin, Head of Latin America at Binance, said:
“We are honored to have been granted this license, as Binance continues to collaborate with regulatory agencies worldwide to uphold global standards for the crypto and blockchain industry. This announcement follows months of dedicated effort from our team to provide comprehensive information and complete the necessary due diligence required by the agencies. This showcases our unwavering commitment to the Salvadoran market and our users.”
Binance is diligently pursuing regulatory licenses and permissions across various regions around the world. This approach enables the company to effectively cater to the unique needs of its customers in different parts of the globe. With its services now authorized in El Salvador, the exchange has achieved its 18th regulatory approval, solidifying its position as the exchange with the most licenses and registrations worldwide.
Daniel Acosta, Binance’s General Manager for Colombia, Central America, and the Caribbean, acknowledged the significance of the license in enhancing Binance’s ability to offer tailored services to clients. He stated:
“These licenses empower Binance to expand its range of products and services, including options customized to meet the requirements of our customers in El Salvador. Furthermore, this presents an excellent opportunity to work closely with government authorities to promote the adoption of crypto assets within the country, foster financial inclusion and innovation, and ensure customer protection.”
El Salvador Has Shown Continuous Interest in the Crypto Industry
El Salvador has consistently displayed a positive outlook toward the crypto industry. In 2021, it made history by becoming the first country to accept Bitcoin as legal tender. Additionally, regulations were established concerning the issuance of other cryptocurrencies by both state and private entities.
The country also initiated the practice of acquiring 1 BTC per day starting in September 2021. As of April, reports indicated that El Salvador held more than 2,546 BTC. While the daily Bitcoin purchase news surprised many and raised questions about the project’s viability for the country, it did not deter the government’s faith in Bitcoin.
In April, Bitfinex also announced its status as a fully regulated digital asset exchange in El Salvador, having obtained the DASP license.
These and many more are pointers to the country’s belief in cryptocurrency projects and services.
Binance Becomes Fully Licensed Crypto Exchange in El Salvador
