Binance receives licenses to offer crypto services in El Salvador

World cryptocurrency trade Binance has reported being granted licensing to supply providers to residents of El Salvador.

In an Aug. 8 announcement, Binance said El Salvador’s Central Reserve Financial institution had accredited the trade’s utility for a Bitcoin Companies Supplier license and the nation’s Nationwide Fee of Digital Belongings granted it a non-provisional Digital Belongings Companies Supplier license. The regulatory approval will permit Binance to supply “tailored services and products” associated to crypto within the Latin American nation.

Binance’s head of Latin America, Min Lin, stated it had taken “many months” for the trade to finish the licensing course of in El Salvador. The nation acknowledged Bitcoin (BTC) as authorized tender alongside the U.S. greenback in 2021 following a push from crypto-friendly President Nayib Bukele.

In April, El Salvador’s Nationwide Digital Asset Fee granted Bitfinex Securities El Salvador a digital asset service supplier license. The agency largely features independently from its world trade.

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