Binance becomes first fully licensed crypto exchange in El Salvador

The crypto exchange now operates in 18 markets worldwide.

Binance, the world’s largest crypto exchange, announced on 8 August that it has become the first fully licensed crypto exchange in the Latin-American nation of El Salvador. 

The crypto exchange has received a Bitcoin Services Provider license (BSP) from the Central Reserve Bank (Banco Central de Reserva) and the first non-provisional Digital Assets Services Provider license (DASP) from the National Commission of Digital Assets (Comisión Nacional de Activos Digitales).

This new status will allow Binance to offer tailor-made products and services in the country.

This milestone achievement represents another step on Binance’s ongoing efforts to get local licenses and permissions in key markets worldwide, the company said on its blog

Currently, Binance holds approvals and registrations in 18 markets worldwide, including France, Italy, Spain, Sweden and Dubai, more than any other crypto exchange.

Yet, in some other countries it is an unwelcome business. The US Department of Justice and the Internal Revenue Service are investigating Binance Holdings Ltd. on allegations of money laundering and tax evasion. The UK ordered it to stop operating in Great Britain. Earlier this year, the exchange also abandoned the Canadian market.

El Salvador became the first country in the world to recognize Bitcoin as a legal tender, in 2021, and passed legislation to regulate the issuance of other digital assets by both the state and private entities.

Around 90 million people worldwide use Binance services. The latest revenue the company reported, in 2021, amount to 20 billion dollars.