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  • Writer's pictureJamal Saafir

El Salvador Welcomes Binance To Legally Provide Digital Assets and Services

According to a report from CoinDesk, the world’s largest crypto exchange, Binance has received two licenses to operate in El Salvador. In its official blog, Binance stated that it seeks to build its permissibility worldwide. The exchange now carries licenses in 18 markets.

The Central Bank of El Salvador (Banco Central de Reserva) granted Binance a Bitcoin Services Provider (BSP) license, while the Salvadoran National Commission of Digital Assets issued a non-provisional Digital Assets Services Provider license (DASP), Binance said in a statement.

“These licenses allow Binance to expand the products and services offered including options tailored to the needs of our customers in El Salvador," Daniel Acosta, general manager for Colombia, Central America, and Caribbean at Binance, said in the statement.

In January, the Legislative Assembly of El Salvador passed a law that regulates digital securities and created a framework for the Central American country to launch bitcoin-backed bonds, also known as "Volcano Bonds." In April, Bitfinex said it was granted the country’s first digital asset service provider license.

The Central American state of El Salvador, led by President Nayib Bukele, is known, and among some circles, notorious for welcoming crypto. Bitcoin became a legal currency in 2021 and earlier this year started to issue Bitcoin-backed bonds. It also launched the National Commission of Digital Assets (NCDA) to address crypto-related matters.

Min Lin, Binance Head of Latin America, commented: “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. This announcement comes after many months of dedication from our team to provide all information and proceed with the necessary due diligence required by the agencies, showcasing our commitment to the Salvadoran market and our users. We are grateful to the Central Reserve Bank and the National Commission of Digital Assets. Their blockchain technology adoption has created a thriving sector in El Salvador that proves security and innovation are complementary assets. Now, it joins countries around the world that have granted Binance a regulatory license."

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