Binance Becomes the First Fully Licensed Crypto Exchange in El Salvador
The exchange has been granted both a Bitcoin Services Provider license and the first non-provisional Digital Assets Services Provider license, allowing it to offer tailor-made products and services in the country.
Binance is pleased to announce that it has become the first fully licensed crypto exchange in El Salvador after being granted both a Bitcoin Services Provider license (BSP) by the Central Reserve Bank (Banco Central de Reserva) and the first non-provisional Digital Assets Services Provider license (DASP), by the National Commission of Digital Assets (Comisión Nacional de Activos Digitales).
This milestone achievement represents another step in Binance’s ongoing efforts to get local licenses and permissions in key markets worldwide. With this, the company has approvals and registrations in 18 markets worldwide, including France, Italy, Spain, Sweden, and Dubai, more than any other crypto exchange.
Min Lin, Binance Head of Latin America, commented: “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. This announcement comes after many months of dedication from our team to provide all information and proceed with the necessary due diligence required by the agencies, showcasing our commitment to the Salvadoran market and our users. We are grateful to the Central Reserve Bank and the National Commission of Digital Assets. Their blockchain technology adoption has created a thriving sector in El Salvador that proves security and innovation are complementary assets. Now, it joins countries around the world that have granted Binance a regulatory license."
Daniel Acosta, Binance General Manager for Colombia, Central America, and the Caribbean, said: “These licenses allow Binance to expand the products and services offered, including options tailored to the needs of our customers in El Salvador. 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 and innovation, and ensure customer protection."
El Salvador became the first country in the world to recognize bitcoin as a legal tender in 2021 and approved a law regulating the issuance of other digital assets by both the state and private entities.