Binance said it has become the first fully licensed cryptocurrency exchange in El Salvador after receiving approvals from two regulators.
We are talking about registration as a Bitcoin Services Provider (BSP) with the Central Reserve Bank and the first perpetual license of Digital Assets Services Provider (DASP) from the National Commission on Digital Assets.
“These licenses will allow Binance to expand its product and service offering, including options tailored to the needs of customers in El Salvador,” said Daniel Acosta, general manager for Colombia, Central America and the Caribbean.
In a commentary to The Block, a Binance spokesperson said that the exchange is already operating in the country, but “only through an offshore platform.”
According to the announcement, once registered in El Salvador, the exchange will have a presence in 18 regulated markets, including France, Italy, Spain, Sweden and Dubai.
Earlier it became known that Binance withdrew applications for obtaining licenses in the UK, Germany, Austria, Cyprus and announced its withdrawal from the Netherlands. The Belgian Financial Services and Markets Authority ordered the exchange to cease all activities.
Recall that in September 2021, El Salvador was the first in the world to recognize bitcoin as a legal means of payment.
In April 2023, a subsidiary of Bitfinex received a DASP license in the country.