Binance became the fourth company to join the crypto exchange group that will fully provide services in El Salvador, through the licenses granted by the Digital Assets Law.
“This milestone represents another step in Binance’s ongoing efforts to obtain local licenses and permits in key markets around the world,” highlights an article published by the company on the granting of licenses.
The certifications granted by the Central Reserve Bank of El Salvador to the exchange are Bitcoin Service Provider (BSP) and Digital Asset Service Provider (DASP) licenses, which will allow it to offer its services in a comprehensive manner and respond to the customer needs in the country.
Daniel Acosta, Binance’s general manager for Colombia, Central America and the Caribbean, commented: “These licenses allow Binance to expand its product and service offering, including alternatives tailored to the specific needs of users in El Salvador.”
For Binance, obtaining the license in El Salvador is a great opportunity to collaborate closely with government authorities, with the aim of supporting the adoption of crypto assets in the country, promoting financial inclusion, innovation and guaranteeing client protection.
Two years ago, El Salvador became the first country in the world to recognize Bitcoin as legal tender in 2021 and approved a law that regulates the issuance of other digital assets by both the State and private entities.