This milestone achievement represents another step on Binance’s ongoing efforts to get local licenses and permissions in key markets worldwide. With this, the company has approvals and registrations in 18 markets worldwide, including France, Italy, Spain, Sweden and Dubai, more than any other crypto exchange.

Min Lin, Binance Head of Latin America, commented: “We are honored to be granted this license, as Binance continues to work collaboratively with regulatory agencies around the world to support global standards for the crypto and blockchain industry. This announcement comes after many months of dedication from our team to provide all information and proceed with the necessary due diligence required by the agencies, showcasing our commitment to the Salvadoran market and our users. We are grateful to the Central Reserve Bank and the National Commission of Digital Assets. Their blockchain technology adoption has created a thriving sector in El Salvador that proves security and innovation are complementary assets. Now, it joins countries around the world that have granted Binance a regulatory license."

Daniel Acosta, Binance General Manager for Colombia, Central America and Caribbean, said: “These licenses allow Binance to expand the products and services offered including options tailored to the needs of our customers in El Salvador. It is also 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 became the first country in the world to recognise Bitcoin as a legal tender in 2021 two years ago and approved a law regulating the issuance of other digital assets by both the state and private entities.