The cryptocurrency exchange Binance has revealed that it has been permitted to provide services to citizens of El Salvador.
Binance announced on August 8 that the National Commission of Digital Assets of El Salvador had granted it a non-provisional licence as a Digital Assets Services Provider and that the Central Reserve Bank had approved the exchange’s application for a licence as a Bitcoin Services Provider. Binance will be able to provide “tailor-made products and services” related to cryptocurrencies in Latin America thanks to the regulatory licence.
The head of Binance’s operations in Latin America, Min Lin, asserted that the licencing process for the exchange had taken “many months” to complete. In 2021, El Salvador adopted a Bitcoin Law and decided to accept Bitcoin BTC$29,854 as legal tender alongside the US dollar, thanks to efforts from the country’s crypto-friendly president, Nayib Bukele.
Bitfinex Securities El Salvador received a licence to operate as a digital asset service provider from El Salvador’s National Digital Asset Commission in April.
Binance, a worldwide cryptocurrency exchange, and its affiliates have regulatory licences to provide services in numerous nations. The company stated on August 1 that it has opened a branch in Japan, and in July, the Virtual Asset Regulatory Authority of the United Arab Emirates granted its Dubai-based business a licence.
Politicians and authorities in the US, however, are keenly examining the conversation. The U.S. Securities and Exchange Commission sued Binance in June over allegations that it offered unregistered securities and conducted business unlawfully. The Commodity Futures Trading Commission targeted the exchange and its CEO, Changpeng Zhao, in March for allegedly violating trading and derivatives laws.