In a groundbreaking move that underscores its commitment to regulatory compliance and global expansion, Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has secured a historic achievement by becoming the first fully licensed crypto exchange in El Salvador. This achievement has been made possible through the granting of both the 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 National Commission of Digital Assets (Comisión Nacional de Activos Digitales), respectively.
This significant milestone not only solidifies Binance’s position as a pioneer in the cryptocurrency industry but also highlights the company’s relentless efforts to collaborate with regulatory agencies across the globe. Binance has consistently sought local licenses and permissions in key markets, and with the new licenses in El Salvador, the company’s approvals and registrations have now spread across 18 markets worldwide, including prominent regions such as France, Italy, Spain, Sweden, and Dubai. This remarkable feat has firmly established Binance as the crypto exchange with the most regulatory endorsements worldwide.
Min Lin, the Head of Latin America at Binance, expressed his gratitude for the licenses, emphasizing the company’s dedication to adhering to global standards within the crypto and blockchain sector. Lin stated, “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.” The Central Reserve Bank and the National Commission of Digital Assets have played an integral role in facilitating the growth of the blockchain sector in El Salvador, showcasing the harmonious integration of security and innovation.
Daniel Acosta, Binance’s General Manager for Colombia, Central America, and the Caribbean, highlighted the expanded opportunities that the licenses would bring. Acosta noted, “These licenses allow Binance to expand the products and services offered, including options tailored to the needs of our customers in El Salvador.” Furthermore, he recognized the licenses as a catalyst for collaboration between Binance and government authorities to drive crypto asset adoption, foster financial inclusion, spur innovation, and enhance customer protection within the country.
El Salvador’s pivotal role in the cryptocurrency landscape cannot be overstated, as it became the first nation to recognize Bitcoin as a legal tender in 2021. This progressive move was followed by the approval of a comprehensive law that regulates the issuance of digital assets by both governmental and private entities.
Binance’s impressive financial product suite, encompassing the world’s largest digital asset exchange by volume, continues to gain the trust of millions globally. The platform’s commitment to enhancing financial freedom is evident through its diverse portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.
As Binance celebrates its historic licensing achievement in El Salvador, the company remains committed to shaping the future of finance, promoting innovation, and fostering a safer and more inclusive global crypto landscape.