“The licenses obtained will allow the exchange to offer a wide range of cryptocurrency products and services to local citizens. It is also a great opportunity to work closely with government authorities to introduce cryptoassets in the country, expand access to financial services, drive innovation and ensure customer protection,” said Binance’s head of development for Colombia, Central America and the Caribbean, Daniel Acosta.
El Salvador recognized bitcoin as legal tender in September 2021. In January this year, El Salvador’s Congress approved the Digital Securities Law, implying the issuance of government bonds backed by bitcoins. The country has also created a new body to regulate cryptocurrencies, the National Digital Assets Commission (NCDA). In April, the NCDA granted a license to Bitfinex Securities, a cryptocurrency exchange offering trading in tokenized digital assets.
In addition to its license to operate in El Salvador, Binance has received regulatory approvals in France, Italy, Spain, Sweden and Dubai. Binance is now in a legal battle with the U.S. Securities and Exchange Commission (SEC). Despite the controversy with the SEC, the number of registered users on the exchange has surpassed 150 million.