Binance has announced that it has received two licenses from regulatory bodies in El Salvador, namely the Bitcoin Services Provider (BSP) license from the Central Reserve Bank of El Salvador and the first non-provisional Digital Assets Services Provider (DASP) license from the National Digital Assets Commission of El Salvador. This makes Binance the first fully licensed cryptocurrency exchange in the country.

The licenses allow Binance to offer tailored products and services to customers in El Salvador. Previously, Binance had been serving in El Salvador “only through an offshore exchange,” according to a company spokesperson.

Daniel Acosta, General Manager for Colombia, Central America and Caribbean at Binance, said that the licenses present a “great opportunity to collaborate closely with government authorities to support the adoption of crypto assets in the country, foster financial inclusion, innovation and ensure customer protection.”

El Salvador has been supportive of cryptocurrencies since at least 2021, being the first to recognize bitcoin as a legal tender. It has also passed a law for the issuance of digital assets other than bitcoin, which introduced a regulatory framework for businesses that focus on digital assets.

With these new licenses, Binance now has regulatory approvals and registrations in 18 markets across the world, including France, Italy, Spain, Sweden, and Dubai.