On August 8, 2023, Binance announced that it had been granted a licence to offer crypto services to residents of El Salvador. With these regulatory approvals, Binance can now provide tailored cryptocurrency products and services in the country.
#Binance is now El Salvador’s first fully licensed crypto exchange! ????????
With this, Binance has approvals and registrations in 18 markets worldwide, more than any other crypto exchange, including France, Italy, Spain, Sweden and Dubai.https://t.co/BITj9zxdcZ
— Binance (@binance) August 8, 2023
The crypto exchange received two licences: the first being a Bitcoin Services Provider licence (BSP) by the El Salvador Central Reserve Bank (Banco Central de Reserva and a non-provisional Digital Assets Services Provider licence (DASP) granted by the National Commission of Digital Assets.
Min Lin, Binance Head of Latin America, stated:
“We are 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.”
Lin noted that this announcement follows several months of unwavering commitment from their team to furnish comprehensive information and fulfill the requisite due diligence mandated by the regulatory bodies. According to Lin, the success of these efforts underscores their steadfast dedication to the Salvadoran market and their user base.
Lin also commended the Central Reserve Bank and the National Commission of Digital Assets, noting that their efforts to adopt blockchain technology have cultivated a flourishing sector in El Salvador.
This achievement follows another recent milestone for Binance. In July 2023, Binance FZE, the exchange’s Asia Division, announced that it had secured an Operational Minimum Viable Product license from Dubai’s Virtual Assets Regulatory Authority (VARA). This licence authorizes Binance to offer services for virtual asset exchange and virtual asset broker-dealer activities within the region.
Binance noted that it would prioritize serving institutional and qualified retail investors with a firm commitment to upholding VARA’s stringent standards to ensure investor protection and bolster market confidence.
Binance’s attainment of these licenses marks a significant milestone in the company’s ongoing efforts to secure local licenses and permissions in key global markets. Impressively, Binance has now garnered approvals and registrations in 18 markets worldwide.
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