El Salvador — Binance, the global leader in cryptocurrency exchanges, has broken new ground by becoming the first cryptocurrency exchange to be “fully licensed” in El Salvador. The company has received both the Bitcoin Services Provider (BSP) license from the Central Reserve Bank (Banco Central de Reserva) and the non-provisional Digital Assets Services Provider (DASP) license from the National Commission of Digital Assets (Comisión Nacional de Activos Digitales).

Binance el salvador license

This dual licensing makes El Salvador one of 18 markets where Binance is now officially registered or approved, positioning the exchange ahead of its peers in terms of global regulatory compliance. Other significant markets on this list include France, Italy, Spain, Sweden, and Dubai.

Min Lin, Binance’s Head of Latin America, shared his enthusiasm for this achievement, saying, “This license reflects our commitment to collaborate with global regulators to foster a standardized crypto ecosystem. Our tireless effort to meet Salvadoran regulatory requirements demonstrates our dedication to our users and the local market.” He went on to express his gratitude towards Salvadoran authorities, praising the nation’s forward-thinking stance on blockchain technology.

El Salvador has firmly established itself as a cryptocurrency pioneer, having been the first nation to recognize Bitcoin as legal tender in 2021. More recently, it introduced regulations governing the issuance of other digital assets, further reflecting its progressive stance on the digital economy.

Daniel Acosta, the Binance General Manager for Colombia, Central America, and the Caribbean, reiterated the significance of the licenses. “They pave the way for an enhanced suite of products and services tailored to Salvadoran users,” Acosta commented, “It also fosters a deeper collaboration with government entities, promoting cryptocurrency adoption, financial inclusion, innovation, and robust customer protection.”

While Binance faces legal challenges in the United States, its dominant position in the crypto industry remains unthreatened. The company recently celebrated a monumental 150 million user registrations, a testament to its expansive global reach and trusted platform.

This move in El Salvador reinforces Binance’s strategic ambition to work hand in hand with regulators, ensuring it remains a crucial force in the rapidly evolving world of digital currencies.