Good day everyone,
I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. In this post I will be looking at the recent positive news for Binance, where it was revealed they have become the first fully licenced crypto exchange in the nation of El Salvador.
First Fully Licenced Crypto Exchange in El Salvador
The world's largest cryptocurrency exchange, Binance, has become the first fully licensed crypto exchange in the nation of El Salvador. As announced on Tuesday the 8th of August 2023, the company has been granted a Bitcoin Services Provider license (BSP) by the Central Reserve Bank (Banco Central de Reserva) and the first non-provisional Digital Assets Services Provider license (DASP) by the National Commission of Digital Assets of El Salvador.
Binance now holds a total of 18 licences of registration and approvals, meaning they are legally allowed to provide services in 18 different markets including France, Italy, Spain, Sweden, and Dubai. This makes it the cryptocurrency exchange with the most licences in the world. Min Lin, Binance's Head of Latin America, noted:
"We are honoured 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."
Lin went on to emphasise the thriving crypto sector in El Salvado and stated that its adoption of blockchain technology showcases how security and innovation can work hand in hand. Back in 2021 El Salvador made history by becoming the first country to recognise Bitcoin as legal tender, and since then the government has also approved a law regulating the issuance of other digital assets by both state and private entities.
The news follows on from the announcement last week that Binance Labs, the venture capital arm of the exchange, will continue to remain an active investor in the crypto space. Last week it noted that it had made four new investments through its Most Valuable Builder (MVB) incubator program. Among those investments were AltLayer, a blockchain scaling startup, KiloEx, a decentralized exchange, Kinza, a decentralized finance lending platform, and Sleepless AI, a Web3 gaming company.
They have also announced the investment of $5 million in to the Curve Finance token, CRV, to help to token after its recent hack exploit, along with exploring the possibility of a potential deployment on Binance’s BNB Chain. The token is currently native to the Ethereum blockchain.
Although the news is positive for Binance, the company is still facing issues after it has received increased attention from law enforcement agencies in the United States and abroad. Binance and CZ are facing 13 charges from the SEC in relation to “blatant disregard of the federal securities laws.” The agency has accused Binance of breaking the law by offering unregistered securities to the general public, including its BNB token and BUSD stablecoin. They have also charged the company with not registering as a broker and its failure to register as an exchange.
Have a great day.
Peace. CryptoGod-1.
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