Binance has received two licenses from relevant authorities, becoming the first fully-licensed crypto exchange in El Salvador. Licenses received by the venture pertain to Bitcoin Services Provider and non-provisional Digital Assets Services Provider. Both licenses will enable Binance to offer a tailor-made experience to the residents of El Salvador.
The Central Reserve Bank of El Salvador, also known as Banco Central de Reserva, has issued a Bitcoin Services Provider license. The National Commission of Digital Assets, also known as Comisión Nacional de Activos Digitales, has issued a non-provisional Digital Assets Services Provider license. This development was announced by Binance, stating that it reflects the commitment of the crypto venture to operate in a regulated region only after obtaining the license.
El Salvador joins the list of regions that have granted a license to Binance for its services. Other markets are Italy, France, and Spain, to mention a few. Approvals and registrations in these regions allow Binance to operate and serve the customers with its products & services. Also, the number of markets where it has received permission is much more than any other crypto exchange in the world, per the announcement.
El Salvador is increasing the recognition of digital assets in the country. The first such move happened in 2021, that is, 2 years ago. That is precisely when El Salvador officially recognized BTC as a legal tender to become the first country to do so. El Salvador also approved a law to regulate the issuance of BTC or any other digital asset, whether by a private entity or by a public entity.
Two years later and Binance is staring at the license to offer a tailor-solution to its residents.
Daniel Acosta, General Manager for Columbia at Binance, has called this a great opportunity, adding that it has made way for them to work with government authorities to add support plus adoption for digital assets. Daniel has further stated that this will boost innovation, customer protection, and financial inclusion across El Salvador.
Not just that, the licenses also pave the way for Binance to expand its footprint in a new region. Per the statement by Daniel, several products and services, including options, will be made available to people after they have been customized to their preferences. Meanwhile, residents of El Salvador can go through the process of account creation at the platform through our Binance review, which also talks about its unique features.
Min Lin, the Head of Latin America at Binance, has said that they are honored to receive such support and license from the authorities. Min has assured the community that they will continue to collaborate with regulatory agencies across the world for the support of the blockchain & crypto industry.
Min Lin has also acknowledged that the adoption of blockchain technology has created a thriving sector to prove that security and innovation can work hand-in-hand.