Binance has announced that it has obtained two licenses in El Salvador, making it the “first fully licensed” cryptocurrency exchange in the Central American nation.
The licenses include the Bitcoin Services Provider (BSP) license granted by the Central Reserve Bank of El Salvador and the inaugural non-provisional Digital Assets Services Provider (DASP) license given by the National Digital Assets Commission of El Salvador. These licenses empower Binance to provide customized products and services within the country, according to a company statement on Tuesday.
Although Binance had been operating in El Salvador, it was limited to operating as an offshore exchange, as noted by a company spokesperson. With these licenses in hand, Binance is now able to expand its service offerings within the nation.
Daniel Acosta, the General Manager for Colombia, Central America, and the Caribbean at Binance, emphasized the significance of these licenses, stating:
“These licenses not only enable Binance to broaden the spectrum of products and services we offer, including tailored options for our customers in El Salvador, but also present an excellent opportunity for us to collaborate closely with government authorities. Together, we can promote the adoption of cryptocurrency assets in the country, drive financial inclusion and innovation, and ensure the safeguarding of customer interests.”
