Binance Becomes El Salvador’s First Cryptocurrency Exchange With a Complete License

  • Binance has obtained clearance as the first non-provisional Digital Assets Services Provider as well as a Bitcoin Services Provider.
  • According to a press statement, the licenses enable the exchange to provide El Salvador with specialized cryptocurrency goods and services.

Binance is now the first fully authorized cryptocurrency exchange in El Salvador after receiving two important permits from the government. In 2021, El Salvador became the first nation in the world to recognize Bitcoin as legal money.

Two permits are obtained by Binance in El Salvador

The Central Reserve Bank of El Salvador (Banco Central de Reserva) and the National Commission of Digital Assets (Comisión Nacional de Activos Digitales), respectively, have granted the exchange licenses for providing Bitcoin services and digital asset services, according to a statement the Binance team released on Tuesday.

Binance has received a DASP license, making it the first non-provisional crypto services provider in the nation of Central America.

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“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 cryptocurrency and blockchain industry,” Min Lin, Binance Head of Latin America, said in a statement.

The exchange said in a press release that the approvals and the official announcement—which follow authorities’ completion of all the necessary due diligence—are a sign of Binance’s ongoing pursuit of global regulatory compliance.

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Thus, El Salvador is one of many nations that have authorized Binance or given it registration status, including with Italy, France, Spain, Sweden, and Dubai.

Daniel Acosta, the Binance General Manager for Colombia, Central America, and the Caribbean, commented on the most recent approval, pointing out:

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 was sued by the SEC in June and has exited a number of countries due to regulatory issues. However, it’s also been aggressive in its expansion efforts, including into Japan.CRYPTOCASTER® - DECENTRALIZED FREEDOM!

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