Binance has become the first licensed cryptocurrency exchange in El Salvador after receiving two licenses from the country's authorities. The Central Bank of El Salvador has licensed Binance as a Bitcoin Services Provider (BSP), while the National Commission of Digital Assets has approved it as the first non-provisional Digital Assets Services Provider license (DASP). Binance's general manager for Colombia, Central America, and the Caribbean, Daniel Acosta, said the license allows the exchange to expand its products and services in the crypto-friendly country and collaborate closely with government authorities to support the adoption of crypto assets. Despite El Salvador's positive posture towards crypto, BTC adoption remains low as citizens question the cryptocurrency's benefits.
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