SAN SALVADOR — Binance, one of the world’s leading cryptocurrency exchanges, has reached a notable milestone in its quest for global expansion and regulation-friendly services. The exchange has now become the first fully licensed crypto trading platform in El Salvador, having secured both the Bitcoin Services Provider license and the inaugural non-provisional Digital Assets Services Provider license.
The recent accomplishment underscores Binance’s commitment to acquiring local licenses in major global markets. Including this latest addition, the exchange boasts approvals and registrations in a total of 18 jurisdictions, spanning Europe, the Middle East, and Latin America, outstripping its competitors.
The Central Reserve Bank (Banco Central de Reserva) of El Salvador granted Binance the Bitcoin Services Provider license. Concurrently, the National Commission of Digital Assets (Comisión Nacional de Activos Digitales) provided the non-provisional Digital Assets Services Provider license.
Min Lin, Binance’s Head of Latin America, expressed the company’s gratitude and commitment to the Salvadoran market. “This achievement underscores our dedication to working alongside regulatory bodies globally,” Lin remarked. He went on to highlight the months of rigorous due diligence and comprehensive information exchanges that facilitated this licensing, demonstrating Binance’s robust commitment to ensuring the security and innovative growth of the Salvadoran crypto sector.
Daniel Acosta, the Binance General Manager for regions including Colombia, Central America, and the Caribbean, touched on the new horizons that these licenses open up. “This enables us to roll out products and services that are uniquely tailored for our Salvadoran clientele,” Acosta stated. He also emphasized the potential for fostering greater collaboration with the Salvadoran government, aiming to bolster crypto adoption, financial inclusivity, and consumer protection in the region.
This move holds special significance for El Salvador, as it was the first nation globally to officially recognize Bitcoin as legal tender, a groundbreaking decision taken in 2021. The Central American nation has since legislated a comprehensive framework to oversee the issuance of digital assets by both governmental and private institutions.
As Binance cements its presence in El Salvador, it embodies the broader narrative of cryptocurrency’s growing acceptance and the pivotal role of regulatory harmony in fostering this sector. It remains to be seen how other crypto platforms respond to Binance’s expanding global footprint, but for now, the exchange enjoys a unique vantage point in the Salvadoran market.