Binance Makes Historic Move as First Licensed Crypto Exchange in El Salvador
Binance, the world's largest cryptocurrency exchange, has become the first fully licensed crypto exchange in El Salvador.
In a Tuesday announcement, the company said it has been granted a Bitcoin Services Provider license (BSP) by the Central Reserve Bank (Banco Central de Reserva) and the first non-provisional Digital Assets Services Provider license (DASP) by the National Commission of Digital Assets of El Salvador.
With this latest license, Binance now holds approvals and registrations in 18 markets, including France, Italy, Spain, Sweden, and Dubai, making it the cryptocurrency exchange with the most licenses.
"We are honored to be granted this license, as Binance continues to work collaboratively with regulatory agencies around the world to support global standards for the crypto and blockchain industry," Min Lin, Binance's Head of Latin America, said in a statement.
Lin also emphasized the thriving crypto sector in El Salvador, stating that its adoption of blockchain technology showcases how security and innovation can work hand in hand.
In 2021, El Salvador made history by becoming the first country to recognize Bitcoin (BTC) as a legal tender.
The government also approved a law regulating the issuance of other digital assets by both state and private entities.
Binance's regulatory license in El Salvador now aligns the country with other nations that have granted the exchange similar licenses.
Meanwhile, the new license in El Salvador comes as Binance Labs, the venture capital arm of the exchange, continues to remain an active investor in the crypto space.
Just last week, Binance Labs announced four investments through its Most Valuable Builder (MVB) incubator program.
These investments include AltLayer, a blockchain
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