February 29, 2024
Latest Cryptocurrency News

Binance Receives Green Light to Offer Services in El Salvador

Binance, the global cryptocurrency exchange, has announced its license approval to offer services to the residents of El Salvador.

In a statement released on August 8, Binance revealed that it had successfully obtained a Bitcoin Services Provider license from El Salvador’s Central Reserve Bank. Additionally, the exchange was granted a non-provisional Digital Assets Services Provider license by the country’s National Commission of Digital Assets. These regulatory clearances now allow Binance to introduce customized cryptocurrency-related products and services within the Latin American nation.

Min Lin, Binance’s head of Latin America, commented that the licensing process in El Salvador had taken several months to complete. It’s worth noting that El Salvador officially recognized Bitcoin (BTC) as a legal form of tender alongside the U.S. dollar in 2021, a decision that was pushed forward by the crypto-supportive President Nayib Bukele.

Earlier in April, El Salvador’s National Digital Asset Commission issued a digital asset service provider license to Bitfinex Securities El Salvador. It’s important to mention that this firm operates fairly independently from the broader global exchange network.

Image by natanaelginting on Freepik

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