Posted by • Binance, the world’s largest crypto exchange, has received two service provider licenses from El Salvador’s Central Reserve Bank and National Commission of Digital Assets.
• This makes Binance the first fully licensed crypto exchange in El Salvador and brings the total number of markets it is registered with to 18.
• El Salvador has previously made headlines for its stance on cryptocurrencies, including making Bitcoin a legal tender in 2021 and introducing legislation for regulating digital assets.
Binance Receives Licenses in El Salvador
Binance has been granted two service provider licenses by El Salvador’s Central Reserve Bank and National Commission of Digital Assets. With this approval, Binance becomes the first fully licensed crypto exchange in El Salvador and brings the total number of markets it is registered with to 18.
Approval Process
The process for obtaining these licenses took months as Binance provided detailed information and went through due diligence requirements. Min Lin, head of Latin America at Binance noted that “winning a license in El Salvador took months”.
El Salvador’s Crypto-Friendly Stance
El Salvador has a more welcoming attitude towards cryptocurrency compared to other countries like the United States where Binance recently had legal action taken against them by the SEC. In 2021 Bitcoin became a legal tender in el Salvador and new legislation was introduced for regulating digital assets both from governmental and private entities. Bitfinex Securities was also granted a digital asset service provider license by El Salvadors’ National Digital Asset Commission earlier this year.
Re-entry into Japan & Dubai
In August, Binance re-entered Japan with 34 token listings after being absent from that market since 2018 while they also received a license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Conclusion
Binanace continues to seek regulatory approval around the world as they remain one of the leading crypto exchanges with over 18 markets now having registrations or approvals from them including France, Italy, Sweden and Spain. The full licensing achieved in El Salvador shows their commitment to complying with regulations while also enjoying access to new markets worldwide.