TLDR:
Binance becomes the first fully licensed crypto exchange in El Salvador.
It has both Bitcoin Services Provider license and Digital Assets Services Provider license.
It can offer more products and services to the Salvadoran market and support crypto adoption.
Article:
Binance, the world’s leading crypto exchange, has achieved a historic milestone in El Salvador. It has obtained two licenses from the local authorities that allow it to operate legally in the country. These are the Bitcoin Services Provider license (BSP) and the Digital Assets Services Provider license (DASP).
The BSP license was granted by the Central Reserve Bank (Banco Central de Reserva), the monetary authority of El Salvador. It enables Binance to offer Bitcoin-related services, such as buying, selling, storing, and transferring the cryptocurrency. The DASP license was granted by the National Commission of Digital Assets (Comisión Nacional de Activos Digitales), the regulator of digital assets in El Salvador. It allows Binance to issue and manage other digital assets, such as stablecoins, tokens, and NFTs.
Binance is the first crypto exchange to receive both licenses in El Salvador, which became the first country in the world to recognise Bitcoin as a legal tender in 2021. This shows Binance’s commitment to comply with local regulations and support the development of the crypto industry in El Salvador. It also reflects Binance’s global efforts to obtain local licenses and permissions in key markets worldwide. So far, Binance has approvals and registrations in 18 markets worldwide, more than any other crypto exchange.
Min Lin, Binance Head of Latin America, said: “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.”
Daniel Acosta, Binance General Manager for Colombia, Central America and 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, innovation and ensure customer protection.”
