Global cryptocurrency exchange Binance has received an important green light to provide its services to the residents of El Salvador, a country that embraced Bitcoin as legal tender back in 2021.
Regulatory Approval Opens Doors for Binance in El Salvador
In a significant announcement made on August 8th, Binance disclosed that the Central Reserve Bank of El Salvador had officially granted the exchange the highly sought-after Bitcoin Services Provider license. Additionally, the National Commission of Digital Assets in the country awarded Binance a non-provisional Digital Assets Services Provider license.
This double-barreled approval from regulatory authorities now paves the way for Binance to deliver a range of customized crypto-related products and services to the people of this Latin American nation.
According to Min Lin, the head of Binance’s Latin America division, the process of securing these licenses was no short endeavor. He emphasized that it took “many months” for Binance to successfully navigate the regulatory landscape of El Salvador. Finally, they achieved this regulatory milestone.
El Salvador’s decision to embrace Bitcoin as a legal tender alongside the U.S. dollar in 2021, under the leadership of crypto-supportive President Nayib Bukele, set the stage for Binance’s recent triumph.
Expanding Crypto Services Landscape in El Salvador
Notably, this is not the first instance of regulatory approval granted to a cryptocurrency entity in El Salvador. The National Digital Asset Commission of the country had previously issued a digital asset service provider license to Bitfinex Securities El Salvador in April.
Additionally, it’s worth noting that Bitfinex Securities operates fairly autonomously from its global exchange counterpart. This further indicating the dynamic and evolving nature of the crypto regulatory landscape.
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