Popular cryptocurrency exchange Binance has reportedly received approval from the El Salvador Central Reserve Bank to operate as a legitimate Bitcoin Service Provider and has been granted a non-provisional Digital Assets Services Provider license.

This green light would allow Binance to offer crypto products and services within the Latin American nation; a process which took “many months” according to Binance’s head of Latin America.

Following the approval of the nation's Bitcoin Law and encouragement from the cryptocurrency-friendly President Nayib Bukele, El Salvador accepted Bitcoin as legal tender alongside the US dollar in 2021.

Meanwhile in the United States, the nation’s financial watchdog has been increasing its regulatory scrutiny on Binance and Coinbase.

In June, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance for allegedly operating in an illegal manner, while the Commodity Futures Trading Commission targeted the exchange and its CEO Changpeng Zhao in March for allegedly breaking the law with regards to trading and derivatives regulations.

Sources:

https://cointelegraph.com/news/binance-receives-licenses-crypto-services-el-salvador

https://www.coindesk.com/business/2023/08/08/binance-receives-license-to-offer-bitcoin-digital-asset-services-in-el-salvador/

https://www.binance.com/en/blog/ecosystem/binance-becomes-first-fully-licensed-crypto-exchange-in-el-salvador-348306456147004721