Binance has announced its attainment of the prestigious distinction of becoming the first fully licensed crypto exchange in El Salvador.
According to Binance, the crypto exchange was granted two critical licenses: the Bitcoin Services Provider license (BSP) granted by the Central Reserve Bank (Banco Central de Reserva), and the pioneering non-provisional Digital Assets Services Provider license (DASP) sanctioned by the National Commission of Digital Assets (Comisión Nacional de Activos Digitales).
Marking a significant stride towards its global mission, Binance’s meticulous pursuit of local licenses and regulatory approvals in strategic markets worldwide has resulted in an impressive tally of endorsements.
With 18 markets around the globe, including notable regions such as France, Italy, Spain, Sweden, and Dubai, Binance leads the park of crypto exchanges around the world in terms of regulatory validation.
Speaking on this remarkable achievement, Min Lin, the Head of Latin America at Binance, expressed the company’s pride in obtaining the license and reiterated Binance’s commitment to working closely with international regulatory bodies to foster industry standards within the crypto and blockchain domain.
Lin emphasized that this achievement, the result of painstaking efforts by the Binance team, underscores their dedication to the Salvadoran market and their loyal user base.
The Central Reserve Bank and the National Commission of Digital Assets were lauded for their pivotal role in facilitating this milestone, as Binance recognizes the symbiotic relationship between blockchain technology adoption and the flourishing sector it has cultivated within El Salvador.
Daniel Acosta, Binance’s General Manager for Colombia, Central America, and the Caribbean, outlined the licenses’ far-reaching implications. Acosta noted that the licenses open doors for Binance to offer an expanded array of products and services, tailored to meet the specific needs of their clientele in El Salvador.
Additionally, the licenses empower Binance to join hands with governmental entities to further the cause of crypto asset adoption, financial inclusion, and customer security.
El Salvador’s historic move to recognize Bitcoin as legal tender in 2021 created a ripple effect that has resonated globally. With the passage of a law governing the issuance of digital assets by both governmental and private entities, El Salvador solidified its position as a vanguard in the crypto sphere.
Binance’s evolution over the years has seen it establish a robust presence around the world. However, amidst its expansion, Binance has faced its share of regulatory challenges, particularly within the United States.
The Securities and Exchange Commission (SEC) recently took legal action against Binance and its CEO, citing the offering of securities without requisite authorization. Notably, Binance’s US division, Binance.US, has also remained under the watchful scrutiny of the SEC.