Binance announces it has received a license in El Salvador
Binance announces it has received a license in El Salvador
The world's largest cryptocurrency exchange, Binance, announced that it has become the first fully licensed crypto exchange in El Salvador.
El Salvador is the first country in the world to recognize Bitcoin as legal tender and has legally supported the issuance of other digital assets.
The Bitcoin Service Provider (BSP) license from the Central Bank (Banco Central de Reserva) and the Digital Asset Service Provider (DASP) license from the National Commission of Digital Assets (Comisión Nacional de Activos Digitales) will allow Binance to offer a full range of services to the people of El Salvador.
"This milestone achievement represents another step in Binance’s ongoing efforts to get local licenses and permissions in key markets worldwide," the exchange said in a statement.
The new license brings the number of Binance markets to 18, including France, Italy, Spain, Sweden, and the United Arab Emirates.
"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," said Ming Lin, Binance's Head of Latin America.
"These licenses allow Binance to expand the products and services offered, including options tailored to the needs of our customers in El Salvador. It is also a great opportunity to collaborate closely with government authorities to support the adoption of crypto assets in the country, foster financial inclusion and innovation, and ensure customer protection," said Daniel Acosta, General Manager of Binance for Colombia, Central America, and the Caribbean.
It is worth noting that Binance has recently faced pressure in many countries around the world. For example, in early June, the U.S. SEC filed charges against the exchange and its CEO, Changpeng Zhao. The Nigerian regulator demanded that the platform cease all operations in the country; the offices of Binance Australia were searched; and the FSMA ordered the exchange to stop operations in Belgium.
In addition, Binance withdrew applications for licenses in the UK, Germany, Austria, and Cyprus and also announced that it would leave the market in the Netherlands.
Previously, crypto exchange Binance had passed the 150 million user mark.
