Binance Becomes the First Fully Licensed Crypto Exchange in El Salvador

[Sophie Robert]

Binance announced its acquisition of two licenses in El Salvador, establishing itself as the premier “fully licensed” cryptocurrency exchange in the country.

The duo of licenses, namely the Bitcoin Services Provider (BSP) from the Central Reserve Bank of El Salvador and the inaugural non-provisional Digital Assets Services Provider (DASP) from the National Digital Assets Commission of El Salvador, empower Binance to introduce specialized products and offerings within the nation, the firm reported on Tuesday.

Official Tweet - https://twitter.com/binance/status/1688916994886959104

Binance Vs SEC
Binance is presently engaged in a legal dispute with regulators in the United States. Even amidst regulatory challenges, the cryptocurrency exchange continues to hold its strong market presence and has recently crossed over 150 million registered users.

El Salvador’s Crypto Adoption Rises
El Salvador has shown a favourable attitude towards cryptocurrencies since 2021. It made history by being the first country to formally recognise bitcoin as legal tender in that year. El Salvador also passed a legislation authorising the issuance of digital assets other than bitcoin earlier this year.

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