Binance Licenses in El Salvador as Bitcoin Gains Legal Tender Status under Bukele Administration

Binance, the world's largest cryptocurrency exchange, has become the first to receive full operating licenses under El Salvador's new digital assets regulation. This marks a significant step for the embattled company as it faces scrutiny from global regulators while also being forced out of other jurisdictions. The approval by El Salvador's central bank and National Commission of Digital Assets demonstrates the government's support of crypto, with Binance's Latin America head praising the country's embrace of innovation. However, the Bukele administration, which has faced criticism for authoritarian actions, including a recent crackdown on gang activity and a push for a constitutionally prohibited consecutive term, will add caveats to Binance's approval. Despite global challenges, Binance now holds operating licenses in 18 markets worldwide.