Binance, the leading global cryptocurrency exchange, has secured two crucial licenses in El Salvador, marking its status as the first fully licensed crypto exchange in the country.
The announcement comes as El Salvador continues to make waves in the cryptocurrency world by recognizing Bitcoin as a legal tender, a historic step that sets a global precedent.
Binance has solidified its position as a trailblazer in the crypto industry by obtaining not just one, but two pivotal licenses in El Salvador.
The Bitcoin Services Provider license (BSP) and the Digital Assets Services Provider license (DASP) were granted by the Central Reserve Bank of El Salvador and the National Commission of Digital Assets, respectively.
The DASP license, in particular, highlights Binance’s status as the first non-provisional crypto services provider in the Central American nation.
Min Lin, Binance’s Head of Latin America, expressed the exchange’s honor at being granted the licenses. Lin emphasized Binance’s commitment to collaborating with regulatory agencies worldwide to establish global standards within the crypto and blockchain industries.
This move signifies Binance’s dedication to regulatory compliance and its role in supporting the growth of the crypto ecosystem within a framework of accountability and legal recognition.
Daniel Acosta, the Binance General Manager for Colombia, Central America, and the Caribbean, underscored the licenses’ potential for expanding products and services tailored to El Salvador’s crypto-savvy population.
Acosta noted that this milestone enables Binance to work closely with government authorities to encourage the adoption of crypto assets, foster financial inclusion, drive innovation, and ensure customer protection.
While Binance has faced regulatory challenges, including a lawsuit by the SEC and exiting certain markets, it continues to assert its global presence and expansion efforts.
Beyond El Salvador, Binance has secured licenses or registration status in countries such as Italy, France, Spain, Sweden, and Dubai.
The exchange’s strategic expansion, despite regulatory hurdles, speaks to its dedication to navigating complex legal frameworks while extending its reach to new markets.
