Binance Becomes First Fully Licensed Crypto Exchange in El Salvador with Dual Licenses
Binance has announced the acquisition of two licenses in El Salvador, positioning itself as the “first fully licensed” crypto exchange in the country.
These licenses, the Bitcoin Services Provider (BSP) license granted by the Central Reserve Bank of El Salvador and the initial non-provisional Digital Assets Services Provider (DASP) license from the National Digital Assets Commission of El Salvador, empower Binance to offer tailored services and products within the nation. While Binance was already operational in El Salvador through an offshore exchange, these licenses facilitate a broader range of services and expansion.
Daniel Acosta, Binance’s General Manager for the region, expressed the licenses’ potential to promote crypto adoption, financial inclusion, and innovation through collaboration with authorities. Notably, El Salvador has emerged as a proponent of crypto, becoming the first country to recognize bitcoin as legal tender.
Binance’s newly acquired licenses bolster its regulatory portfolio, encompassing 18 markets globally, further solidifying its industry position. Despite ongoing regulatory challenges, Binance remains a dominant force in the crypto market with over 150 million registered users.
Clever Robot News Desk 10th August 2023
Related Article
