Binance, the world’s largest cryptocurrency exchange by trading volume, has secured dual licenses in El Salvador. This achievement positions Binance as the first crypto exchange in the nation to be fully licensed, emphasizing its adherence to regulatory standards.
According to Binance’s blog post, El Salvador’s Central Reserve Bank has granted Binance the Bitcoin Services Provider license (BSP). In tandem, the National Commission of Digital Assets has awarded Binance the non-provisional Digital Assets Services Provider license (DASP). These licenses provide a regulatory framework for Binance’s operations in the country and indicate the potential for the exchange to introduce specialized offerings for the Salvadoran populace.
Binance’s acquisition of local licenses aligns with its strategy to ensure regulatory compliance in key global markets. The exchange holds approvals in 18 international jurisdictions, including several European countries and the Middle East, more than any other crypto exchange.
Min Lin, responsible for Binance’s Latin American operations, commented on the licensing process, emphasizing the exchange’s commitment to working alongside regulatory entities worldwide. He also pointed out the meticulous process Binance underwent to meet the Salvadoran regulatory requirements.
Daniel Acosta, overseeing Binance’s operations in parts of Central America, highlighted the opportunities these licenses present. He mentioned the potential for Binance to expand its product range in El Salvador. He emphasized the importance of collaborating with local authorities to promote crypto adoption and ensure customer protection.
El Salvador has been a focal point in the crypto narrative. In 2021, the nation became the first to adopt Bitcoin as a legal tender.
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