Binance secures license to operate in El Salvador
Binance, the crypto exchange, has been granted full license to operate in El Salvador.
Binance, a crypto exchange, has secured the license to operate in El Salvador, becoming the first fully licensed crypto exchange in the country, according to a statement on Tuesday.
“These licenses allow Binance to expand the products and services offered including options tailored to the needs of our customers in El Salvador,” Daniel Acosta, Binance general manager for Colombia, Central America, and the Caribbean said, “it is also a great opportunity to collaborate closely with government authorities to support the adoption of crypto assets in the country.”
El Salvador has made a name for itself in the crypto world after recognizing bitcoin as a legal tender in 2021, the first country globally to do so.
According to a Binance post on LinkedIn, after securing the license to operate in El Salvador, the exchange has registrations in 18 markets worldwide, “more than any other crypto exchange.”
In July, Binance announced that Min Lin, its head of business development, would be taking over as head of Latin America. At the time of the announcement, Lin said “Lati America is a fast-growing and an important region for Binance…we see a huge opportunity to help develop platforms, products and services for different industries, both in the physical and virtual world, across the region."
Binance has faced turmoil in other markets, such as the US where its founder, Changpeng Zhao, and entities were charged on 13 accounts by the Securities and Exchanges Commission for operating unregistered exchanges, misrepresenting controls, and the unregistered offer and sale of securities, according to the regulating body. The charges, filed in June, have prompted concerns over the exchange potentially needing to leave the US market.
Binance, like other crypto firms such as Ripple and Coinbase, has faced regulatory hurdles over the past year. Ripple and Coinbase have publicly stated looking elsewhere for strategic hubs such as the United Arab Emirates.