Crypto investors in El Salvador can now use Binance services.
Binance, the biggest cryptocurrency exchange in terms of daily trading volumes, has recently secured the necessary permissions to commence its operations in El Salvador, further expanding its global presence.
The Central Reserve Bank of El Salvador has endorsed Binance's application by providing it with the Bitcoin Services Provider license. Additionally, the National Commission of Digital Assets of the nation also awarded Binance a non-provisional Digital Assets Services Provider license.
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As a result of these approvals, Binance is now set to introduce a range of "tailor-made products and services" catered to crypto investors in the region.
The journey to this approval wasn't swift. Binance's Head of Latin America, Min Lin, commented on the duration and intensity of the process, noting that it took "many months" for the crypto exchange to navigate the licensing protocols.
The development trails El Salvador's monumental decision to adopt Bitcoin (BTC) as a legal tender, paralleling the US dollar, spurred by the country's crypto-friendly President Nayib Bukele and the enactment of the Bitcoin Law.
Binance has successfully secured licenses in various regions. As an illustration, on August 1st, the crypto giant launched an arm in Japan. At the end of July, its Dubai subsidiary obtained the nod from the Virtual Asset Regulatory Authority.
However, the US hasn't been as welcoming of Binance. The company has faced increasing challenges from the regulatory bodies there. The US Securities and Exchange Commission took legal action against Binance, citing alleged illicit offerings of unregistered securities. Furthermore, CEO Changpeng Zhao and the crypto exchange fell under the lens of the Commodity Futures Trading Commission in March for purported breaches of trading regulations.
With Binance's latest expansion into El Salvador, the crypto behemoth continues to make strides in strengthening its international presence. Yet, as regulatory landscapes vary across regions, Binance’s journey reflects both the opportunities and challenges that major crypto platforms face in a rapidly evolving digital finance world.
