Binance, the global cryptocurrency exchange, has announced that it has successfully obtained licenses to offer its services to the residents of El Salvador.
In a press release on August 8th, Binance revealed that it has received regulatory approval from El Salvador’s Central Reserve Bank for a Bitcoin Services Provider license. Additionally, the exchange was granted a non-provisional Digital Assets Services Provider license by the country’s National Commission of Digital Assets. This significant regulatory milestone now enables Binance to introduce a range of specialized cryptocurrency products and services tailored to the specific needs of the Latin American nation.
Min Lin, Binance’s Head of Latin America, emphasized the dedication and effort it took for the exchange to navigate through the licensing process in El Salvador, spanning over several months. The move comes in the wake of El Salvador’s decision to officially recognize Bitcoin as legal tender alongside the U.S. dollar in 2021, driven by the cryptocurrency-friendly stance of President Nayib Bukele.
Earlier this year in April, El Salvador’s National Digital Asset Commission granted Bitfinex Securities El Salvador a digital asset service provider license, although the firm operates relatively independently from its global exchange counterpart.