Binance said it had obtained licenses from El Salvador regulators to provide crypto-related services and tailor-made products. By securing this permit, Binance’s registrations and approvals across global jurisdictions now stand at eighteen.
Binance Forays Into Crypto-Friendly El Salvador
Binance announced on Monday it had received the required permits to begin offering digital asset services in El Salvador, one of the most crypto-friendly countries in the world. The leading cryptocurrency exchange secured a Bitcoin Services Provider license (BSP) from the Central Reserve Bank and the first non-provisional Digital Asset Services Provider license from the National Commission of Digital Assets.
“These licenses allow Binance to expand the products and services offered including options tailored to the needs of our customers in El Salvador.
– said Daniel Acosta, Binance General Manager for Colombia, Central America, and the Caribbean.
While the move represents a vital growth effort for Binance, it is also a significant step forward for El Salvador, which became the first nation in the world to recognize Bitcoin as a legal tender in 2021. The Central American country also approved a law regulating the issuance of other crypto assets by state and private organizations.
More recently, El Salvador’s National Bitcoin Office appointed Dr. Saifedean Ammous as an economic adviser. Dr. Ammous is the author of “The Bitcoin Standard,” – a book on the economic theory and history of the maiden crypto coin.
Binance Now Operates in 18 Global Markets, More Than Any Other Exchange
With El Salvador’s license, Binance now approves and registers in 18 global jurisdictions, including France, Spain, Italy, Dubai, and Sweden. This makes it a crypto exchange holding the highest number of licenses.
Most recently, Binance returned to Japan after a 5-year break, seeking to capitalize on the Asian nation’s ambitions to grow its Web3 ecosystem. The move was enabled after Binance acquired the local Sakura Bitcoin Exchange in 2022.
Meanwhile, the crypto trading service provider departed several markets recently due to regulatory issues. In particular, Binance left the Netherlands, Cyprus, Canada, and the UK in a few weeks.
This article originally appeared on The Tokenist
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