Binance, a global crypto exchange, has received permission to provide services to citizens of El Salvador.
Permission from the Central Bank and National Digital Asset Commission
In an August 8 announcement, Binance stated that the Central Bank of El Salvador had approved Binance's application for a Bitcoin Services Provider license and the country's National Digital Assets Commission granted a non-provisional Digital Assets Services Provider license. With this regulatory approval, Binance can offer custom crypto-related products and services.
Binance: El Salvador's First Crypto Exchange
With this, Binance now has approvals and registrations in 18 markets worldwide, more than any other crypto exchange, including France, Italy, Spain, Sweden and Dubai.
License Takes 'Several Months'
Binance's head of Latin America, Min Lin, said that it would take 'several months' to complete the licensing process. El Salvador recognized Bitcoin as legal tender along with the US dollar in 2021 after encouragement from crypto-supportive President Nayib Bukele and the country's Bitcoin Law regulations.
Source: cointelegraph
