Binance Becomes First Crypto Exchange To Be Fully Licensed In El Salvador

Crypto exchange Binance BNB/USD on Monday announced it has become the first crypto exchange to be fully licensed in El Salvador.

The Central Reserve Bank (Banco Central de Reserva) has granted Binance the Bitcoin Services Provider license (BSP), while the National Commission of Digital Assets (Comisión Nacional de Activos Digitales) has awarded the exchange its inaugural non-provisional Digital Assets Services Provider license (DASP).

Binance stated it now has approvals and registrations in 18 international markets, encompassing countries such as France, Italy, Spain, Sweden, and Dubai.

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Min Lin, Binance's Head of Latin America, expressed gratitude for the licenses, saying, "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."

Lin emphasized the months of dedication from the Binance team to meet the stringent requirements set by Salvadoran agencies.

He further lauded the Central Reserve Bank and the National Commission of Digital Assets for their proactive approach to blockchain technology, noting that their efforts have fostered a robust crypto sector in El Salvador.

Daniel Acosta, Binance's General Manager for Colombia, Central America, and the Caribbean, highlighted the potential of these licenses.

He said, "These licenses allow Binance to expand the products and services offered including options tailored to the needs of our customers in El Salvador."

Acosta also pointed out the unique opportunity to work closely with the Salvadoran government to promote the adoption of cryptocurrencies, enhance financial inclusivity, drive innovation, and prioritize customer protection.

Notably, El Salvador made history in 2021 by becoming the first nation to officially recognize Bitcoin as a legal tender.

The country further showcased its commitment to the digital economy by enacting a law that regulates the issuance of digital assets by both governmental and private entities.

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