Binance became the first fully licensed cryptocurrency exchange in El Salvador after receiving Bitcoin Services Provider license (BSP) and Digital Assets Services Provider license (DASP) from the domestic regulators.
The firm’s impressive expansion over the years includes nations like Italy, France, Sweden, Australia, the United Arab Emirates (UAE), Japan, and many more.
- The world’s largest cryptocurrency exchange – Binance – announced that the obtained authorization from El Salvador’s central bank and its National Commission of Digital Assets represents a “milestone achievement” in the company’s goal to gain regulatory approval across key global markets.
“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,” Min Lin – Binance Head of Latin America – stated.
- The exec praised El Salvador’s push into the cryptocurrency industry, adding that the exchange conducted the necessary due diligence before applying with the local agencies.
- Speaking on the matter was also Daniel Acosta – Binance General Manager for Colombia, Central America, and the Caribbean. He argued that the company’s latest license will enable it to offer crypto services and products “tailored” to the needs of Salvadoran clients.
“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,” he concluded.
- El Salvador, led by Bitcoin-loving President Nayib Bukele, became the first country to declare the primary cryptocurrency legal tender. The local authorities have also introduced countless initiatives surrounding BTC over the past few years and even purchased amounts of the asset on a macroeconomic level.
