Binance is the first company to get full certification as a Digital Assets Services Provider in addition to Bitcoin Services Provider status.
Binance, now the only fully licenced crypto exchange in El Salvador, has been given two essential licences. When El Salvador made Bitcoin legal money in 2021, it was the first nation to do so.
Binance has received the first permanent licence for providing cryptocurrency services in the Central American nation according to the DASP licence.
Binance’s Head of Latin America, Min Lin, released a statement expressing gratitude for the licence and reiterating the company’s commitment to working with regulators worldwide to advance industry-wide best practices.
Binance said in a news statement that the licences and the formal announcement show that the exchange is committed to regulatory compliance throughout the globe.
Thus, El Salvador joins the ranks of nations like Italy, France, Spain, Sweden, and Dubai in licencing or registering Binance.
Binance’s General Manager for Colombia, Central America, and the Caribbean, Daniel Acosta, said on the most recent approval:
With these authorizations, Binance may provide more services to its consumers in El Salvador, including those that are specific to their requirements. It’s a terrific chance to work directly with government regulators to promote cryptocurrency adoption in the nation, encourage financial inclusion and innovation, and safeguard users.
The SEC filed a lawsuit against Binance in June, and the exchange has since pulled out of other nations owing to regulatory pressure. It has also been quite proactive in its attempts to expand, even into Japan.
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