The exchange reported that it received approval for Bitcoin Services Provider and Digital Asset Services Provider licenses in El Salvador, where Bitcoin has been legal tender since 2021.
Global cryptocurrency exchange Binance announced that it has been granted a license to provide services to residents of El Salvador.
In an announcement made on August 8, Binance said that the Central Bank of El Salvador approved the exchange's application for a Bitcoin Services Provider license and that the country's National Digital Assets Commission issued a non-provisional Digital Asset Services Provider license. Regulatory approval will allow Binance to offer crypto-related "tailored products and services" in the Latin American country.
Binance's head of Latin America, Min Lin, said it took "months" for the exchange to complete the licensing process in El Salvador. The country recognized Bitcoin. It was legally recognized alongside the US dollar in 2021 following pressure from crypto-friendly President Nayib Bukele.
Binance's presence in El Salvador shows the country's growing adoption for cryptocurrency. El Salvador became the first country to accept Bitcoin as legal currency in 2021. This shows that the country has a strong vision for cryptocurrency.
In April, the National Digital Asset Commission of El Salvador granted a digital asset service provider license to Bitfinex Securities El Salvador. The firm operates largely independently of global change.
Overall, Binance's presence in El Salvador demonstrates the country's growing adoption of cryptocurrency and is a positive development for the cryptocurrency industry.