Binance has received two licenses in El Salvador — Bitcoin Services Provider (BSP) license from the Central Reserve Bank of El Salvador and the pioneering non-provisional Digital Assets Services Provider (DASP) license from the National Digital Assets Commission of El Salvador. Now it has become a “first fully licensed” cryptocurrency exchange to operate in this Central American nation, media reports said.
These licenses grant Binance the authority to introduce customized products and services tailored to the preferences of the local people. While Binance had been previously serving in El Salvador, it had been limited to operating via an offshore exchange. These newly acquired licenses have now paved the way for an expanded array of services from Binance.
El Salvador made history by becoming the world’s first nation to acknowledge bitcoin as legal tender in 2021. Further solidifying its commitment to the crypto sector, the country passed a law earlier this year facilitating the issuance and regulation of digital assets beyond bitcoin.
This legislation established a comprehensive regulatory framework governing tokenized securities, alternative cryptocurrencies (altcoins), and businesses engaging in transactions or services related to non-bitcoin digital assets, the coverage added.
With the attainment of licenses in El Salvador, Binance has now accumulated regulatory endorsements and registrations across 18 global markets, an impressive roster that includes prominent countries like France, Italy, Spain, Sweden, and Dubai.
Notably, despite ongoing legal disputes with U.S. regulatory authorities, Binance has managed to retain its dominant market share and recently celebrated surpassing 150 million registered users.
