Binance Gets Fully Licensed in El Salvador

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Binance Gets Fully Licensed in El Salvador

Binance has set another milestone by being a fully licensed cryptocurrency exchange in El Salvador. With this feat, Binance sets the record as the first fully licensed crypto exchange in the country.

Binance continues to uphold its name as the largest crypto exchange in the world as it continues to expand into new markets. According to the August 8 announcement, the crypto firm is now licensed and operational in 18 countries further cementing its position as the leader in the crypto industry.

Binance gains ground in El Salvador

Binance was granted a Bitcoin Services Provider license (BSP) and the first non-provisional Digital Assets Services Provider license (DASP) by the Central Reserve Bank (Banco Central de Reserva) and the Commission of Digital Assets (Comisión Nacional de Activos Digitales) respectively.

This significant achievement underscores Binance’s commitment to expanding to key markets worldwide. Consequently, Binance now has full licenses in 18 countries including France, Italy, Spain, Sweden, and Dubai. This means that Binance now operates in more countries worldwide than any other cryptocurrency exchange.

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“This announcement comes after many months of dedication from our team to provide all information and proceed with the necessary due diligence required by the agencies, showcasing our commitment to the Salvadoran market and our users,” Binance Head of Latin America, Min Lin said.

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Furthermore, Daniel Acosta – Binance’s general manager for Colombia, Central America, and the Caribbean said in a statement that the operational license will help the company to expand into the crypto-friendly country with its product and services.

Meanwhile, El Salvador has maintained a positive stance towards cryptocurrencies. In 2021, the country became the first country in the world to approve Bitcoin as a legal tender.

Following that, El Salvador has also approved laws that will regulate the issuance of other crypto assets by states and private entities alike. According to information from Buy Bitcoin Worldwide, El Salvador has now acquired 2381 BTC (worth $70,901,299).

Despite the growing interest in Bitcoin and other digital assets, El Salvador still has lesser Bitcoins compared to countries like the U.S. which has over 207,000 BTC holdings, China with 194,000 BTC, and Ukraine with over 46,000 BTC.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.