Binance has become the first fully licensed crypto exchange in El Salvador after being granted both Bitcoin Services Provider license (BSP)and the first non-provisional Digital Assets Services Provider license (DASP) by the by the Central Reserve Bank and National Commission of Digital Assets. The announcement comes as El Salvador continues to make waves in the cryptocurrency world by recognizing Bitcoin as a legal tender, a historic step that sets a global precedent.
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, innovation and ensure customer protection.
Binance’s exit from Germany after being denied a license from the country’s financial watchdog, BaFin, The French regulators are also investigating the firm’s operations, Binance decided to cancel its plans to establish a subsidiary in Austria and closed its operations in the Netherlands, Australia was not too friendly with the world’s largest crypto ecosystem.
Binance, which is cutting its workforce by 30% this year, has recently launched its operation in Japan and secured an MVP license from Dubai’s VARA, thus countering the overall regulatory woes it has been facing for several months.
This move signifies Binance's dedication to regulatory compliance and its role in supporting the growth of the crypto ecosystem within a framework of accountability and legal recognition.
