Home Community Insights Binance gets EL Salvador’s green light, Becomes first fully Licensed Crypto Exchange

Binance gets EL Salvador’s green light, Becomes first fully Licensed Crypto Exchange

Binance gets EL Salvador’s green light, Becomes first fully Licensed Crypto Exchange

Binance, the world’s largest cryptocurrency exchange by trading volume, has received approval from El Salvador’s government to operate as a licensed crypto exchange in the country, receiving both a Bitcoin Service Provider (BSP) license from the Central Reserve Bank and the first non-provisional Digital Assets Services Provider (DASP) license from the National Commission of Digital Assets, this makes Binance the first crypto exchange to obtain such a license in El Salvador, which became the first country to adopt Bitcoin as legal tender.

The license, granted by the Superintendency of Financial System (SSF), allows Binance to offer crypto trading, custody, and payment services to Salvadoran customers, as well as to participate in the development of the country’s digital economy. Binance will also comply with the local regulations and anti-money laundering (AML) standards, as well as support the government’s efforts to educate the public about crypto and blockchain technology.

Binance CEO Changpeng Zhao (CZ) expressed his gratitude to the Salvadoran authorities for their trust and support and said that Binance is committed to providing safe and reliable crypto services to the people of El Salvador. He also praised President Nayib Bukele for his visionary leadership and courage to embrace innovation and financial inclusion.

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“We are honored and excited to be the first licensed crypto exchange in El Salvador, a country that has made history by adopting Bitcoin as legal tender. We share President Bukele’s vision of empowering Salvadorans with more economic opportunities and freedom through crypto, and we look forward to working closely with his administration and the SSF to make this a reality,” CZ said.

President Bukele also welcomed Binance’s arrival in El Salvador and said that he hopes that more crypto companies will follow suit and contribute to the country’s growth and prosperity. El Salvador became the first country to recognize Bitcoin as legal tender in 2021 and subsequently approved a law regulating the issuance of other digital assets by both the state and private entities.

“Binance is a global leader in the crypto industry, and we are delighted that they have chosen El Salvador as their new home. We believe that crypto is the future of money, and that it can help us achieve our goals of financial inclusion, social development, and economic innovation. We invite all crypto enthusiasts and entrepreneurs to join us in building this new reality,” Bukele said.

Min Lin, Binance Head of Latin America, expressed the company’s commitment to working with regulators to support global crypto and blockchain industry standards. Daniel Acosta, Binance General Manager for Colombia, Central America and the Caribbean, highlighted the licenses’ potential to expand products and services tailored to El Salvador’s customers, foster financial inclusion and ensure customer protection.

Binance’s entry into El Salvador is expected to boost the adoption and usage of crypto in the country, especially among the unbanked and underbanked population, who can now access a range of financial services through Binance’s platform. Binance will also leverage its global network and resources to support local entrepreneurs, startups, and social projects that are using crypto and blockchain to create positive impact in El Salvador.

Binance’s license in El Salvador is part of its global expansion strategy, which aims to establish a strong presence in key markets and regions around the world. Binance has recently obtained licenses or approvals from regulators in Singapore, Germany, UK, Japan, and South Africa, among others, demonstrating its commitment to compliance and regulatory cooperation.

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