Binance receives licenses to offer crypto services in El Salvador

The exchange reported receiving approval for Bitcoin Services Provider and Digital Assets Services Provider licenses in El Salvador, where Bitcoin has been legal tender since 2021.

Global cryptocurrency exchange Binance has reported being granted licensing to provide services to residents of El Salvador.

In an Aug. 8 announcement, Binance said El Salvador’s Central Reserve Bank had approved the exchange’s application for a Bitcoin Services Provider license and the country’s National Commission of Digital Assets granted it a non-provisional Digital Assets Services Provider license. The regulatory approval will allow Binance to offer “tailor-made products and services” related to crypto in the Latin American nation.

Binance’s head of Latin America, Min Lin, said it had taken “many months” for the exchange to complete the licensing process in El Salvador. The country recognized Bitcoin (BTC) as legal tender alongside the U.S. dollar in 2021 following a push from crypto-friendly President Nayib Bukele.

In April, El Salvador’s National Digital Asset Commission granted Bitfinex Securities El Salvador a digital asset service provider license. The firm largely functions independently from its global exchange.

This is a developing story, and further information will be added as it becomes available.