Binance, the renowned cryptocurrency exchange, has proudly announced its latest achievement – securing full licensing in El Salvador, a country known for its pro-Bitcoin stance. The recognition arrived through the acquisition of two significant licenses: the Bitcoin Services Provider license (BSP) from the Central Reserve Bank (Banco Central de Reserva) and the pioneering non-provisional Digital Assets Services Provider license (DASP) from the National Commission of Digital Assets.
Changpeng Zhao, the CEO of Binance, enthusiastically shared this momentous news on Twitter, posting a photo of himself exchanging handshakes with Nayib Bukele, the President of El Salvador. This accomplishment underscores Binance’s commitment to obtaining local licenses and regulatory permissions in key global markets.
With the addition of these licenses, Binance’s tally now stands at approvals and registrations in 18 markets across the world. The company’s pursuit of regulatory compliance is further highlighted by its recent operating license from Dubai’s Virtual Asset Regulatory Authority, a feat that positioned Binance as the inaugural recipient. This success firmly positions Binance as a leader in the cryptocurrency exchange landscape with unparalleled regulatory endorsements.
Min Lin, Binance’s Head of Latin America, expressed deep gratitude for the granted licenses. He highlighted the cooperative endeavors Binance has undertaken with regulatory bodies worldwide to uphold industry standards within the realms of cryptocurrency and blockchain technology. Lin’s acknowledgment of the rigorous due diligence process conducted by Binance over several months underscores the exchange’s unwavering commitment to adherence and cooperation.
This announcement comes against the backdrop of El Salvador’s notable distinction as the first country in the world to embrace Bitcoin as legal tender, a decision made in 2021. The compatibility between Binance’s licensing accomplishment and El Salvador’s forward-thinking stance on cryptocurrencies amplifies the significance of this achievement.
Binance’s recent attainment of fully licensed status in El Salvador marks a significant step for the exchange and for the cryptocurrency industry as a whole. The cooperative efforts between Binance and regulatory bodies, combined with El Salvador’s pro-Bitcoin orientation, present a glimpse into the potential future of global financial systems, as blockchain technology and cryptocurrencies continue to gain traction and recognition.
