The largest crypto exchange, Binance, is now the first fully licensed crypto service provider in El Salvador. The exchange was granted two digital asset licenses on August 8, one by the country’s central bank and another by the government agency overseeing digital assets.
Binance shared the announcement, citing that the Central Reserve Bank granted the Bitcoin Service Provider (BSP) license and the first non-provisional Digital Assets Services Provider (DASP) licence by the National Commission of Digital Assets of El Salvador.
Binance is the biggest cryptocurrency exchange worldwide by trading volume. El Salvador has granted a license to Binance, making it the 18th country to do so, joining nations like France, Italy, and Spain.
“We are honored to be granted this license [in El Salvador], as Binance continues to work collaboratively with regulatory agencies around the world to support global standards for the crypto and blockchain industry,” says Min Lin, Binance’s Head of Latin America.
El Salvador has become a crypto-friendly country, with its president Nayib Bukele being popular among the crypto industry for his bold interest in Bitcoin. He announced that El Salvador would buy one Bitcoin daily in November 2022.