Nikolas Sargeant
Binance is now fully licensed to operate in the Central American nation El Salvador, becoming the first cryptocurrency exchange to do so, according to an official Binance announcement released Tuesday, August 8th.
Binance has applied for and earned Bitcoin Services Provider license and the first non-provisional Digital Assets Services Provider license, which allows for the provision of bespoke financial services.
The Central Reserve Bank (Banco Central de Reserva) provided the former, while the National Commission of Digital Assets (Comisión Nacional de Activos Digitales) issued the latter.
Binance has been engaged in a years-long campaign to earn licensing, having already obtained it in 18 other jurisdictions, including Italy, France, Spain, and Dubai.
Binance is the world’s largest cryptocurrency exchange as measured by daily trading volume on CoinMarketCap. Our Binance review found it to be a highly trustworthy exchange, and this reputation grows with these licensing and regulation efforts.
Two years ago in 2021, El Salvador achieved the milestone of becoming the global pioneer in acknowledging Bitcoin as an official form of currency. Additionally, during that time, the country passed legislation that not only regulated the release of various digital assets by both private entities and the government but also laid the groundwork for their legitimate use.
