The Binance platform has just obtained the necessary authorizations from the authorities of Salvador to become the first fully licensed cryptocurrency exchange platform in the country. Excellent news for this platform which has been multiplying failures for a few months.
Binance obtains two licenses in El Salvador to exercise its services
Binance has just obtained two licenses to carry out a legal exchange activity in El Salvador: a Bitcoin Service Provider (BSP) license obtained from the Central Bank of El Salvador as well as the first permanent service provider license of Digital Assets (DASP) obtained from the National Commission of Digital Assets of El Salvador.
#Binance is pleased to announce that it has become the first fully licensed crypto exchange in El Salvador.🇸🇻
— CZ 🔶 Binance (@cz_binance) August 8, 2023
Let’s keep making crypto more accessible.https://t.co/kz91z2LAcL
Thanks to these authorizations, the company announces that it is now able to offer tailor-made services, as well as products and services designed in the country. Securing the licenses should also allow it to work more closely with government authorities in El Salvador to “ support the adoption of crypto assets in the country and thereby foster innovation and customer protection .”
Despite obtaining the authorizations. It should be noted that Binance was already operating in El Salvador via an offshore platform. Obtaining the licenses, however, allows the platform to extend its services to users in this country. If the Binance cryptocurrency platform is the only platform to have obtained two licenses, Bitfinex had also declared, in April 2023, that it had obtained a DASP license allowing it to offer digital asset exchange services legally in Salvador.
Remember that the platform has been going through a period of regulatory uncertainty for several months and that it has thus withdrawn from several countries, such as the United Kingdom for example. Binance is currently embrangling in a legal battle with the SEC and CFTC. The American stock market policeman accuses him in particular of carrying out an exchange activity on American soil without the necessary authorizations.
Binance expands its services to 18 markets around the world
With this new authorization, Binance is now authorize to carry out an exchange activity on 18 markets around the world, including France, Spain, Sweden, Dubai, and Italy. This achievement is also excellent news for this platform which until now has been multiplying bitter failures for several months.
Obtaining the two licenses in El Salvador is not surprising. In fact, the government of this small Central American country had been the first country to recognize Bitcoin as a legal tender, against the advice of all IMF specialists.
Its president is also a very big fan of the crypto-currency industry and he has multiplied since his arrival in power the gestures to attract heavyweights of this industry. The country had also adopted legislation very favorable to operators specializing in services focused on digital assets other than Bitcoin.