Binance got two licenses in El Salvador, and now it’s the first fully allowed crypto exchange there. Binance is also approved in 18 other places around the world, like France, Italy, and Dubai.
Binance got two special permissions in El Salvador, making it the first crypto exchange there to have full approval.
These permissions are the Bitcoin Services Provider (BSP) license from the Central Reserve Bank of El Salvador and the first Digital Assets Services Provider (DASP) license from the National Digital Assets Commission of El Salvador.
These permissions let Binance offer special things just for the people in El Salvador.
Binance was already working in El Salvador, but in a different way, like from another place. With these permissions, they can do more and help more people in the country.
“These permissions let Binance offer more things and help our customers in El Salvador better,” mentioned Daniel Acosta, who is in charge of Colombia, Central America, and the Caribbean at Binance. He said this in a statement. He also shared that it’s a chance to work with the government to make crypto more popular in the country, help more people join the financial system, bring in new ideas, and keep customers safe.
Crypto Adoption in El Salvador
In April, Bitfinex Securities announced that it became the first digital assets exchange with full regulations to get a DASP license in El Salvador. Unlike Bitfinex, Binance has gotten two licenses – the DASP and BSP licenses. Bitfinex Securities particularly lets people trade digital assets like stocks and bonds.
El Salvador has been friendly to crypto since 2021. It was the first place to say bitcoin is like regular money. Earlier this year, the country made a law for other digital assets, not just bitcoin. This law helps regulate things like securities and other digital coins.
With these El Salvador licenses, Binance now has approvals and registrations in 18 places, including France, Italy, Spain, Sweden, and Dubai. This is more than any other crypto exchange, Binance said.
Even though Binance is having legal issues with US regulators, it’s still doing well in the market and has over 150 million users.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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