The cryptocurrency exchange Binance announced recently that it has received a full license. El Salvador provided the license, making Binance the first of its kind.
The National Commission of Digital Assets has granted the exchange its first non-provisional DASP license. This is a license for a provider of digital asset services. Binance has been granted a BSP license by the Central Reserve Bank. BSP stands for Bitcoin Services Provider.
Binance has received permits and registrations in eighteen foreign markets. The list includes Dubai, Sweden, Italy, Spain, and France.
The head of Binance's Latin American operations, Lin, expressed gratitude for the licenses. Lin said they were honored to receive them. Binance continues to collaborate with regulatory bodies worldwide in order to support international standards for the cryptocurrency and blockchain industries.
Lin highlighted the months of hard work put in by the Binance team This has led them to achieve the demanding standards established by Salvadoran agencies. He also praised the Central Reserve Bank and the National Commission of Digital Assets for their aggressive use of blockchain technology, pointing out that this has helped El Salvador develop a thriving crypto industry. The potential of these licenses was emphasized by Daniel Acosta, Binance's general manager for Colombia, Central America, and the Caribbean.
These licenses enable Binance to increase the range of products and services it provides. including those that are specifically catered to the demands of its clients in El Salvador.
Acosta also emphasized the exceptional chance to collaborate closely with the Salvadoran government in order to advance the use of cryptocurrencies, improve financial inclusiveness, spur innovation, and put the needs of customers first.
In twenty-21, El Salvador made history by becoming the first nation to formally recognize Bitcoin as legal cash. The country furthered its commitment to the digital economy by passing a law that regulates the issuance of digital assets by both public and private businesses.
Despite El Salvador's endorsement and a recent victory in Dubai, Binance has faced criticism from global regulators. It is being sued in the US by the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Department of Justice will likely handle the action. European authorities have also been investigating the exchange, and Dutch officials have rejected its application to offer virtual asset services.
For its authoritarian policies, including a recent crackdown on gang activity and a desire for a third term—which the constitution forbids the Bukele administration has come under fire. As a result, there are some limitations on Binance's acceptability in El Salvador.