- Binance can now operate legally in El Salvador.
- The exchange received licenses from the country’s authorities.
- The company continues to expand its operations to new markets.
Binance has received two crypto licenses from the Banco Central de Reserva and the Comisión Nacional de Activos Digitales, granting the company approval to operate in El Salvador.
In an announcement on August 8, 2023, the crypto exchange confirmed being granted both a Bitcoin Services Provider (BSP) license and the first of its kind non-provisional Digital Assets Services Provider (DASP) license.
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“These licenses allow Binance to expand the products and services offered, including options tailored to the needs of our customers in El Salvador,” said Daniel Acosta, Binance’s General Manager for Colombia, Central America, and the Caribbean.
Crypto Is on a Roll in El Salvador
The event culminated following the approval of the Volcano Bitcoin Bond Bill by the Legislative Assembly of El Salvador on January 11, 2023. The bill provides a legal framework for issuing and transferring digital assets. The bill also provides provisions for regulating the requirements and obligations of digital asset issuers, service providers, and any other public offering participants.
El Salvador became the first country to approve Bitcoin as a legal tender on September 7th, 2021. The country even went ahead to issue Bitcoin airdrops to incentivize its citizens to adopt BTC as a mode of payment.
Binance’s Strategic Expansion into New Markets
Binance is the world’s largest crypto exchange in terms of trading volumes. Securing the El Salvador license is a strategic move for Binance, solidifying its presence as a licensed crypto exchange across 18 jurisdictions, including Dubai, France, Italy, Poland, Lithuania, and Sweden.
Other markets where the crypto exchange operates with legal approval include Kazakhstan, New Zealand, Bahrain, Australia, Indonesia, Japan, Thailand, Mexico, and South Africa.
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