Binance has announced that the Central Reserve Bank of El Salvador (Banco Central de Reserva) has granted it a Bitcoin Service Provider (BSP) license. In addition, the National Commission of Digital Assets (Comisión Nacional de Activos Digitales) has awarded Binance the country’s first non-provisional Digital Asset Service Provider (DASP) license. As a result, Binance is now El Salvador’s first fully licensed cryptocurrency exchange.
This achievement marks another significant milestone in Binance’s ongoing efforts to obtain licenses and approvals in key global markets. With these regulatory permits, Binance has now gained approval and registration in 18 jurisdictions worldwide—more than any other cryptocurrency exchange. These include countries such as France, Italy, Spain, Sweden, and Dubai.
Commitment to Compliance and Market Growth
Min Lin, Head of Latin America at Binance, stated:
We are honored to receive these approvals. Binance remains committed to collaborating with global regulators to support worldwide standards in the cryptocurrency and blockchain industry. For months, our team has worked diligently to provide all necessary information and undergo due diligence as required by regulatory bodies. This outcome reflects our dedication to the Salvadoran market and its users. We extend our gratitude to the Central Reserve Bank and the National Commission of Digital Assets. Their adoption of blockchain technology has created an environment where the industry can thrive in El Salvador, demonstrating that security and innovation are complementary assets. El Salvador now joins the list of countries that have granted Binance regulatory licenses.
Daniel Acosta, General Manager for Colombia, Central America, and the Caribbean at Binance, added:
These licenses empower Binance to offer products and services tailored to the specific needs of users in El Salvador. This also presents an excellent opportunity to work closely with government institutions to support the adoption of crypto assets, promote financial inclusion, drive innovation, and ensure consumer protection.
El Salvador’s Progressive Crypto Policies
Two years ago, in 2021, El Salvador made history by becoming the first country in the world to recognize Bitcoin as legal tender. The nation also passed legislation regulating the issuance of other digital assets by both public and private entities. This forward-thinking regulatory framework has positioned El Salvador as a leader in cryptocurrency adoption and innovation.
The recent licensing of Binance underscores the country’s continued commitment to embracing blockchain technology while ensuring a secure and regulated environment for users and businesses.
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Frequently Asked Questions
What licenses did Binance receive in El Salvador?
Binance was granted both the Bitcoin Service Provider (BSP) license from the Central Reserve Bank and the first non-provisional Digital Asset Service Provider (DASP) license from the National Commission of Digital Assets.
How many countries have officially licensed Binance?
With the addition of El Salvador, Binance now holds regulatory approvals, registrations, or licenses in 18 markets around the world.
Why is El Salvador significant in the crypto world?
El Salvador was the first country to adopt Bitcoin as legal tender and has implemented clear regulations for digital assets, making it an attractive destination for blockchain businesses and investors.
What does this mean for users in El Salvador?
Users can expect a wider range of secure and compliant crypto products and services tailored to local needs, backed by Binance’s global expertise and adherence to regulatory standards.
How does this impact crypto adoption in Latin America?
Binance’s licensing in El Salvador may encourage other countries in the region to develop clearer regulatory frameworks, accelerating cryptocurrency adoption and financial innovation.