Binance becomes the first fully licensed crypto exchange in El Salvador

6:15 pm
August 8, 2023

In a significant milestone, Binance, one of the world’s largest cryptocurrency exchanges, has announced that it has secured two crucial licenses in El Salvador. The licenses include the Bitcoin Services Provider (BSP) license and the Digital Assets Services Provider (DASP) license. With these licenses, Binance becomes the first fully licensed crypto exchange in the country.

The cryptocurrency exchange can now offer tailor-made crypto products and services in El Salvador, thanks to these licenses. This development comes after El Salvador recognized Bitcoin as legal tender in 2021, making it the first country in the world to do so.

The news of the licenses was shared by Binance CEO Changpeng Zhao on Twitter, where he expressed his delight about becoming the first fully licensed crypto exchange in El Salvador.

Binance secures Bitcoin Services Provider (BSP) and Digital Assets Services Provider (DASP) licenses in El Salvador

Binance has acquired the Bitcoin Services Provider (BSP) license and the Digital Assets Services Provider (DASP) license in El Salvador. The licenses were issued by the country’s Central Reserve Bank and the National Commission of Digital Assets.

The DASP license is particularly noteworthy as it makes Binance the first non-provisional crypto services provider in El Salvador.

Min Lin, Binance Head of Latin America, expressed appreciation for the licenses, stating that the exchange is committed to working with regulatory agencies globally to support industry standards in the crypto and blockchain sector.

These licenses demonstrate Binance’s dedication to regulatory compliance and its ongoing expansion efforts. In addition to El Salvador, Binance has obtained licenses or registration status in countries such as Italy, France, Spain, Sweden, and Dubai.

Daniel Acosta, Binance General Manager for Colombia, Central America, and the Caribbean, highlighted the opportunities these licenses present for expanding products and services, collaborating with government authorities, and promoting the adoption of crypto assets in El Salvador.

While Binance has faced regulatory challenges, including a lawsuit by the SEC and exit from certain countries, this licensing milestone showcases the exchange’s commitment to operating within regulatory frameworks and expanding its global presence.

Summary

Binance has become the first fully licensed crypto exchange in El Salvador after securing the Bitcoin Services Provider (BSP) license and the Digital Assets Services Provider (DASP) license. These licenses allow Binance to offer crypto products and services tailored to the needs of its customers in El Salvador. The exchange’s efforts to obtain regulatory compliance and expand globally are evident from its licensing achievements in multiple countries. Binance’s licensing in El Salvador follows the country’s recognition of Bitcoin as legal tender in 2021.

FAQs

1. What licenses has Binance obtained in El Salvador?

Binance has secured the Bitcoin Services Provider (BSP) license and the Digital Assets Services Provider (DASP) license in El Salvador.

2. What does becoming the first fully licensed crypto exchange in El Salvador mean for Binance?

Being the first fully licensed crypto exchange in El Salvador allows Binance to offer tailor-made crypto products and services in the country.

3. How many licenses has Binance obtained in total?

In addition to the licenses in El Salvador, Binance has acquired licenses or registration status in several other countries, including Italy, France, Spain, Sweden, and Dubai.

4. What does Binance’s licensing milestone signify?

Binance’s licensing milestone demonstrates its commitment to regulatory compliance and its determination to expand globally while operating within regulatory frameworks.

5. What is the significance of El Salvador recognizing Bitcoin as legal tender?

El Salvador’s recognition of Bitcoin as legal tender is a historic step, making it the first country in the world to do so. This recognition highlights the increasing acceptance and adoption of cryptocurrencies worldwide.


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