Binance has become a fully licensed cryptocurrency exchange in El Salvador, having obtained two licenses: a Bitcoin Services Provider license (BSP) and a Digital Assets Services Provider license (DASP). According to the company, Binance now has approvals and registrations in 18 markets worldwide.
Binance Now Fully Licensed in El Salvador
Cryptocurrency exchange Binance announced Tuesday that it has obtained two crypto licenses in El Salvador. Binance stated:
It has become the first fully licensed crypto exchange in El Salvador after being granted both Bitcoin Services Provider license (BSP) … and the first non-provisional Digital Assets Services Provider license (DASP).
The BSP license was granted by the Salvadoran Central Reserve Bank (Banco Central de Reserva), and the DASP license was granted by the National Commission of Digital Assets (Comisión Nacional de Activos Digitales), Binance detailed.
With the latest licenses in El Salvador, Binance claimed that it “has approvals and registrations in 18 markets worldwide, including France, Italy, Spain, Sweden and Dubai, more than any other crypto exchange.”
Min Lin, Binance’s head of Latin America, commented: “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.”
The licenses obtained in El Salvador provide Binance with “a great opportunity to collaborate closely with government authorities to support the adoption of crypto assets in the country, foster financial inclusion, innovation and ensure customer protection,” said Daniel Acosta, Binance’s general manager for Colombia, Central America, and the Caribbean.
El Salvador became the first country to recognize bitcoin as legal tender in 2021. Since then, the country has been buying BTC regularly. In November last year, Salvadoran President Nayib Bukele announced El Salvador’s plan to buy one bitcoin every day.
What do you think about Binance expanding its global reach and becoming a fully licensed crypto exchange in El Salvador? Let us know in the comments section below.