Cryptocurrency exchange Binance announced on August 8th that it has received regulatory approval to operate in El Salvador, obtaining licenses from the nation’s central bank and financial regulator.
Binance secured a Bitcoin Service Provider license from the Central Bank of El Salvador and a Digital Asset Service Provider license from the National Commission of Digital Assets. This makes it the first fully licensed crypto platform in the country.
According to Binance’s Daniel Acosta, the licenses will enable broader offerings in El Salvador and closer collaboration with authorities to promote crypto adoption, financial inclusion, and consumer protection.
El Salvador has embraced cryptocurrencies, legally accepting Bitcoin as currency in 2021. However, BTC adoption among citizens remains low over doubts about its benefits.
The licensure highlights Binance’s standing as a widely approved exchange with registrations in 18 countries, even as it faces hurdles in the U.S. and recently exited some European markets over regulatory issues.
Binance obtaining full legal status to operate in crypto-friendly El Salvador marks a notable approval for the exchange despite ongoing legal challenges elsewhere.
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