Binance Obtains License To Provide Crypto Services In El Salvador

TL;DR

• Binance has become the first fully licensed crypto exchange in El Salvador.

• The crypto exchange was issued a Bitcoin Services Provider license and the first non-provisional Digital Assets Services Provider license.

Binance Receives Operational License In El Salvador

Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Tuesday that it had become the first fully licensed crypto exchange in El Salvador.

In its blog post, the cryptocurrency exchange said El Salvador’s Central Reserve Bank had approved its application for a Bitcoin Services Provider license. Furthermore, the country’s National Commission of Digital Assets granted it a non-provisional Digital Assets Services Provider license.

Following this latest development, Binance can offer tailor-made products and services related to cryptocurrencies in El Salvador.

Min Lin, Binance Head of Latin America, commented: “We are honored to be granted this license, as Binance continues to work collaboratively with regulatory agencies around the world to support global standards for the crypto and blockchain industry. This announcement comes after many months of dedication from our team to provide all information and proceed with the necessary due diligence required by the agencies, showcasing our commitment to the Salvadoran market and our users. We are grateful to the Central Reserve Bank and the National Commission of Digital Assets. Their blockchain technology adoption has created a thriving sector in El Salvador that proves security and innovation are complementary assets. Now, it joins countries around the world that have granted Binance a regulatory license."

Binance has been working to obtain these licenses for months. It is an important achievement for Binance as El Salvador was the first country in the world to recognize Bitcoin as a legal tender.

President Nayib Bukele has been an avid supporter of Bitcoin and has rolled out regulations in recent years to push Bitcoin’s adoption in the country and attract more investors. 

In April this year, the country’s National Digital Asset Commission granted Bitfinex Securities El Salvador a digital asset service provider license. 

Binance remains the world’s leading cryptocurrency exchange despite its recent regulatory challenges. The crypto exchange has received regulatory approval to offer services in several countries globally. 

Earlier this month, Binance launched a Japan-based arm, and its Dubai-based subsidiary received a license from the emirate’s Virtual Asset Regulatory Authority last month.