August 9, 2023

Binance Granted License To Offer Crypto Services in El Salvador

Binance in El Salvador

Binance in El Salvador

World’s leading cryptocurrency exchange Binance has announced that it has been granted a license to offer its services to the residents of El Salvador to become the first licensed crypto exchange in the Latin country.

In an announcement, Binance said it had received regulatory approval from El Salvador’s Central Reserve Bank for a Bitcoin Services Provider license and a non-provisional Digital Assets Services Provider license from the country’s National Commission of Digital Assets. This approval will enable Binance to provide customized crypto-related products and services in Latin America.

In this regard, Binance’s Head of Latin America, Min Lin, revealed that the exchange took several months to finalize the licensing process. This was in response to El Salvador’s decision to recognize Bitcoin as a legal tender in 2021, which was championed by President Nayib Bukele, who is supportive of cryptocurrency. The country passed the Bitcoin Law to make this official alongside the US dollar.

This month, Binance also became the first crypto exchange in the world that obtain the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The MVP license will allow Binance to initially provide crypto-related services approved by the emirate, including exchange and broker-dealer services — to institutional and qualified retail investors. Binance was permitted by VARA to conduct virtual asset exchange and virtual asset broker-dealer services in Dubai.

Moreover, It also announced that it would begin to offer its crypto services to users from August onwards. It is worth mentioning that the company acquired the local exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022, a matter which paves the way for the reentry of Binance in the country.

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