Binance’s Victory in El Salvador
Binance won two service provider licenses in El Salvador, as its regulatory issues in the United States and Europe still remain. El Salvador’s Central Reserve Bank granted Binance’s Bitcoin services provider license application. Concurrently, the National Commission of Digital Assets awarded the exchange a non-provisional digital assets services provider license.
In the Aug. 8 post, the exchange claimed these approvals would make it the first fully licensed crypto exchange in El Salvador. Min Lin, Binance’s head of Latin America, emphasized that winning a license in El Salvador took months. The company furnished the necessary information and undertook due diligence.
Binance Seeks Licenses Worldwide
Binance, which remains the major crypto spot exchange by market cap according to CoinMarketCap, continues to seek regulatory approval in countries around the globe. In August, the company re-entered Japan with initial 34 token listings.
Dubai followed with a license from the emirate’s Virtual Asset Regulatory Authority (VARA). This totals 18 markets worldwide that the company has registrations with, including France, Italy, Sweden, and Spain.
El Salvador Spurs On Crypto Adoption
In contrast to the United States, where Binance finds itself head to head with regulatory bodies after the SEC took legal action against the exchange in June, El Salvador becomes a more appealing business landscape. El Salvador made headlines a few times in regard to its stance on cryptocurrencies. Bitcoin became a legal tender in El Salvador two years ago. It sanctioned new legislation for regulating the issuance of diverse digital assets, encompassing those originated by both governmental and private entities. Moreover, El Salvadors’ National Digital Asset Commission also granted Bitfinex Securities a digital asset service provider license.
As regulation tightens, El Salvador continues demonstrating its potential to be a crypto hub, or in Binance’s case, another move into the Latin America market.
