Binance Becomes First Fully Licensed Crypto Exchange In El Salvador

Key Points:

• Binance has become the first fully licensed crypto exchange in El Salvador.
• The exchange was granted both Bitcoin Services Provider and Digital Assets Services Provider licenses.
• El Salvador recognized Bitcoin as legal tender in 2021, making it the first country to do so.

Binance became the first licensed crypto exchange in El Salvador, granted both BSP and Digital Assets Services Provider licenses.

Binance has become the first fully licensed crypto exchange in El Salvador after being granted both a Bitcoin Services Provider license (BSP) by the Central Reserve Bank and the first non-provisional Digital Assets Services Provider license (DASP) by the National Commission of Digital Assets.

Binance now approves and registers in 18 markets worldwide, including France, Italy, Spain, Sweden, and Dubai, more than any other crypto exchange. The licenses will allow Binance to expand the products and services offered, including options tailored to the needs of its customers in El Salvador.

Binance Head of Latin America, Min Lin, commented, “We are honored to be granted this license, as Binance continues to work collaboratively with regulatory agencies worldwide to support global standards for the crypto and blockchain industry. 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.”

El Salvador became the first country in the world to recognize Bitcoin as a legal tender in 2021 and approved a law regulating the issuance of other digital assets by state and private entities.

Binance’s General Manager for Colombia, Central America, and the Caribbean, Daniel Acosta, said, “These licenses are 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.”

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