Binance has achieved a significant milestone by becoming the first cryptocurrency exchange to receive full licensing in El Salvador. This achievement follows the granting of two licenses: the Bitcoin Services Provider license (BSP) from the Central Reserve Bank (Banco Central de Reserva) and the pioneering non-provisional Digital Assets Services Provider license (DASP) from the National Commission of Digital Assets (Comisión Nacional de Activos Digitales). These licenses empower Binance to offer specialized products and services within the country.
This accomplishment underscores Binance’s ongoing commitment to obtaining local licenses and permissions in strategic global markets. With this achievement, Binance has secured approvals and registrations across 18 markets worldwide, including prominent locations like France, Italy, Spain, Sweden, and Dubai. This remarkable feat outpaces any other cryptocurrency exchange’s regulatory footprint.
Min Lin, Binance’s Head of Latin America, expressed their gratitude, saying, “We are honored to receive this license, as Binance collaborates closely with regulatory bodies globally to uphold industry standards in the crypto and blockchain sphere. This announcement is the culmination of months of dedicated efforts from our team to provide comprehensive information and undergo necessary due diligence required by regulatory agencies. It showcases our deep commitment to the Salvadoran market and our users. We extend our appreciation to the Central Reserve Bank and the National Commission of Digital Assets. Their embrace of blockchain technology has fostered a flourishing sector in El Salvador, demonstrating that security and innovation go hand in hand. El Salvador now joins other countries that have granted Binance regulatory approval.”
Daniel Acosta, Binance’s General Manager for Colombia, Central America, and the Caribbean, highlighted the significance of these licenses in expanding Binance’s service offerings, tailoring options to meet the needs of El Salvadoran customers. Furthermore, these licenses provide a unique opportunity to collaborate closely with governmental authorities to advance the adoption of crypto assets within the nation, promote financial inclusion, drive innovation, and ensure customer protection.
In 2021, El Salvador achieved the distinction of becoming the world’s first country to recognize Bitcoin as legal tender. The nation also enacted legislation regulating the issuance of various digital assets by both state and private entities.
Binance stands as the global leader in blockchain and cryptocurrency infrastructure provision, offering a comprehensive suite of financial products. This suite includes the world’s largest digital asset exchange by trading volume. Trusted by a worldwide community, the Binance platform is dedicated to enhancing financial freedom for users. It features an unparalleled range of crypto products and services encompassing trading and finance, education, data and research, social impact, investment and incubation, decentralization and infrastructure solutions, among others. For more detailed information, visit: https://www.binance.com.