Binance has received approval to become a Bitcoin service provider and the first non-transitory digital asset service provider.
According to the press release, the licenses allow the exchange to offer customized crypto products and services in El Salvador.
Binance has secured two key licenses in El Salvador, becoming the country’s first fully licensed cryptocurrency exchange. El Salvador recognized Bitcoin as legal tender in 2021, the first country in the world to take this step.
Binance gets two licenses in El Salvador
According to an announcement made by the Binance team on Tuesday, the exchange has received a Bitcoin Service Provider License (BSP) and a Digital Asset Service Provider License (DASP) from the Banco Central de Reserva and the National Bank of El Salvador. ). They are the Digital Assets Commission (Comisión Nacional de Activos Digitales).
The DASP license makes Binance the first non-transient crypto service provider in the Central American country.
"We are honored to receive this license and Binance will continue to work with regulators around the world to support global standards in the cryptocurrency and blockchain industry," Min Lin, Binance's head of Latin America, said in a statement.
Binance noted in a press release that the approval and official announcement came after regulators completed all due diligence, indicating that Binance will continue to pursue global regulatory compliance.
As such, El Salvador is one of several countries that has licensed or granted registration status to Binance, including Italy, France, Spain, Sweden, and Dubai.
Commenting on the latest approval, Daniel Acosta, Binance’s general manager for Colombia, Central America and the Caribbean, noted:
“These licenses allow Binance to expand the products and services offered, including options tailored to the needs of its customers in El Salvador. It is also an excellent opportunity to work closely with government authorities to support the adoption of crypto assets in the country, Promoting financial inclusion, innovation and ensuring customer protection.”
Binance was sued by the SEC in June and has withdrawn from several countries due to regulatory concerns. However, it is also aggressively expanding, including into Japan.