Binance Becomes El Salvador’s First Fully Licensed Exchange

Binance, the world’s largest and most popular crypto exchange, announced yesterday that it has become the first fully licensed cryptocurrency exchange in El Salvador.

Binance was granted two licenses that allow it to operate in El Salvador, namely the Bitcoin Services Provider license from the Central Reserve Bank of El Salvador and the Digital Assets Services Provider license from the National Commission of Digital Assets. The former enables Binance to conduct activities related to Bitcoin within the country, while the latter permits the exchange to provide various digital asset services.

Binance currently holds licenses and registrations in 18 other markets, including prominent locations like France, Italy, Spain, Sweden, and Dubai.

Min Lin, Binance’s Head of Latin America, expressed gratitude for the licenses and highlighted Binance’s commitment to collaborating with regulatory agencies worldwide. He also acknowledged the Central Reserve Bank and the National Commission of Digital Assets for their support in fostering a conducive environment for the cryptocurrency sector in El Salvador.

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Daniel Acosta, Binance General Manager for Colombia, Central America, and the Caribbean, emphasized the potential to tailor services to meet the specific needs of the Salvadoran market. He also underscored the licenses’ role in supporting financial inclusivity, innovation, and consumer protection.

El Salvador gained international attention in 2021 when it became the world’s first country to officially recognize Bitcoin as legal tender. The country also established regulations for the issuance of other digital assets by both government and private entities.