September 24, 2023

Binance Moves Into The El Salvador Market With Two Crypto Licenses

Binance, the world’s largest cryptocurrency exchange by trading volume, has recorded another significant milestone as it becomes licensed to render cryptocurrency services in El Salvador.

Leading The Charge For Global Crypto Adoption

Binance has become the first fully licensed cryptocurrency exchange in El Salvador, receiving both the first non-provisional Digital Assets Services Provider (DASP) license from the country’s National Commission of Digital Assets and Bitcoin Service Provider (BSP) from the El Salvador Central Reserve Bank. 

The licenses will enable Binance to provide crypto trading, payment, and custody services to El Salvadoran users, as well as to partake in the growth of the nation’s digital economy. The exchange platform will also abide by domestic regulations and the necessary Anti-Money Laundering (AML) standards. Binance will also support El Salvador’s efforts to educate its public about blockchain technology and cryptocurrencies.

This latest addition brings Binance’s global license tally to 18. This means that the exchange now has the approval to operate in 18 countries, spanning major financial hubs from Europe’s buzzing cities such as Madrid, Rome, Stockholm, and Paris to the shining skylines of Dubai. With these numerous licenses, Binance has fully established itself as a leader in global cryptocurrency adoption. 

Reactions To The Announcement

Following the grant of the license, Binance Head of Latin America Min Lin offered gratitude to the El Salvadoran authorities for their support and trust and noted that Binance is committed to offering reliable and safe cryptocurrency services to the people of El Salvador. He also lauded the visionary courage and leadership of the country’s president in making El Salvador an innovation and financial hub. 

According to him, Binance is “honored to be granted this license, as Binance continues to work collaboratively with regulatory agencies around the world to support global standards for the crypto and blockchain industry.” 

President Nayib Bukele also welcomed the exchange’s arrival into El Salvador and believes that more cryptocurrency firms would follow suit and contribute towards the nation’s prosperity and growth.

According to Binance’s General Manager for Colombia, Central America, and Caribbean Daniel Acosta, “these licenses allow Binance to expand the products and services offered including options tailored to the needs of our customers in El Salvador.”

It also offers an excellent opportunity to partner with government authorities to assist in the general adoption of cryptocurrency assets in the nation while building financial inclusion and ensuring “customer protection.”

El Salvador was the first country to adopt Bitcoin as a legal tender in 2021 and later passed regulations guiding the issuance of digital assets by both private and state entities. This latest audacious move has further cemented El Salvador’s reputation as a trailblazer in cryptocurrency and blockchain adoption.

Binance Coin (BNB) price chart from Tradingview.com (El Salvador license)

BNB steadies at $244 as exchange grabs another license | Source: BNBUSDT on Tradingview.com

Featured image from Bloomberg News, chart from Tradingview.com

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