Binance has been granted a Bitcoin Service Provider and the first non-provisional Crypto Asset Service Provider license, enabling it to offer customized products and services in the country.
Binance is pleased to announce that the Central Reserve Bank of El Salvador (Banco Central de Reserva) has granted Binance a Bitcoin Service Provider (BSP) license. At the same time, its National Cryptocurrency Commission (Comisión Nacional de Activos Digitales) has granted Binance the country’s first non-temporary Cryptocurrency Service Provider (DASP) license, making Binance the first fully licensed cryptocurrency exchange in El Salvador.
This is another milestone in Binance’s ongoing efforts to obtain local licenses and permits in key markets around the world. With these regulatory approvals, Binance has been approved and registered in 18 markets around the world, including France, Italy, Spain, Sweden, and Dubai, more than any other cryptocurrency exchange.
Min Lin, Head of Binance Latin America, said: “We are honored to receive these two licenses as Binance continues to work with global regulators to support global standards in the cryptocurrency and blockchain industries. Our team has been working hard for months to provide regulators with all the information and due diligence they require, and this result shows our commitment to the El Salvador market and users. We are grateful to the Central Reserve Bank and the National Crypto-Asset Commission. Their adoption of blockchain technology has created the conditions for the industry to thrive in El Salvador, proving that ‘security’ and ‘innovation’ can complement each other. Now, El Salvador joins the list of countries around the world that have granted Binance regulatory licenses.”
“These licenses allow Binance to provide products and services tailored to the specific needs of users in El Salvador,” said Daniel Acosta, Binance General Manager for Colombia, Central America, and the Caribbean. “This is also a great opportunity to work closely with the Salvadoran authorities to support the adoption of crypto assets in the country, promote financial inclusion, innovation, and ensure consumer protection.”
El Salvador became the first country in the world to recognize Bitcoin as legal tender two years ago in 2021, and has passed laws regulating the issuance of other crypto assets by the state and private entities.