Binance announced on August 8 that it has made a significant step forward by becoming the first licensed cryptocurrency exchange in El Salvador.

The licenses Binance received include, the Bitcoin service provider license (BSP) from the Central Reserve Bank and the official Digital Asset Service Provider license (DASP) from the National Digital Asset Commission.

This achievement reflects Binance's continued efforts to seek licenses and authorizations in key markets. This is Binance's 18th license globally.

Min Lin, Head of Latin America at Binance, and Daniel Acosta, Head of Binance Colombia, Central America and the Caribbean, both expressed their excitement and commitment to working together to promote cryptocurrency adoption and customer protection in El Salvador.

El Salvador is considered the most crypto-friendly country, having recognized Bitcoin as legal tender in 2021 and approved a legal framework for digital asset issuance activities.