Binance Gains Approval for Crypto Exchange Licenses in El Salvador


Binance has been granted two key licenses in El Salvador, becoming the first fully-licensed crypto exchange in the country. El Salvador recognised Bitcoin as legal tender in 2021, the first country in the world to take that step.

The licenses, issued by El Salvador’s Central Reserve Bank (Banco Central de Reserva) and the National Commission of Digital Assets (Comisión Nacional de Activos Digitales), are the Bitcoin Services Provider license (BSP) and the Digital Assets Services Provider license (DASP). Binance is the first non-provisional crypto services provider in El Salvador to receive the DASP license.

CEO Changpeng Zhao tweeted the news.

The approvals, which came after regulators completed all the due diligence, will allow Binance to offer tailor-made crypto products and services in El Salvador.

Min Lin, Binance Head of Latin America, said in a statement, “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.”

Daniel Acosta, the Binance General Manager for Colombia, Central America and Caribbean added, “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, innovation and ensure customer protection.”

Binance is one of several countries to have been granted either a license or registration status, including Italy, France, Spain, Sweden, and Dubai. The exchange has also been aggressive in its expansion efforts, including into Japan.

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