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The global crypto market cap is $1.18 trillion with a 24-hour volume of $40.64 billion. The price of Bitcoin is $29,769.06 and BTC market dominance is 48.9%. The price of Ethereum is $1,858.68 and ETH market dominance is 18.9%. The best performing cryptoasset sector is Sports, which gained 194%.
Binance said it is now licensed across 18 countries, including Dubai, France, Italy, Spain, Japan, Sweden, etc.
Cover art/illustration via CryptoSlate
Cryptocurrency exchange Binance is the first licensed crypto platform in El Salvador after receiving two licenses from the Central American country, according to an Aug. 8 statement.
Binance said it was licensed as a Bitcoin Services Provider (BSP) by the Central Bank of El Salvador (Banco Central de Reserva). At the same time, the National Commission of Digital Assets (Comisión Nacional de Activos Digitales) approved it as the first non-provisional Digital Assets Services Provider license (DASP).
Daniel Acosta, Binance general manager for Colombia, Central America, and the Caribbean, said the license allows the exchange to expand its products and services in the crypto-friendly country, adding that:
“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 maintains a friendly posture towards the crypto industry, with the Central American country adopting Bitcoin as a legal tender in 2021.
Since then, the Latin American country has acquired over 2300 BTC, valued at more than $70 million, according to data from Buy Bitcoin Worldwide. The government has also introduced several pro-crypto measures, including a bill allowing the country to sell bonds backed by Bitcoin.
Despite these moves, CryptoSlate reported that BTC adoption remains low as citizens question the cryptocurrency’s benefits.
Earlier in the year, Bitfinex said it became the first fully regulated digital assets exchange to receive a DASP license in El Salvador.
Meanwhile, despite Binance’s recent regulatory struggles across multiple jurisdictions, its license in El Salvador makes it among the most widely-licensed crypto platform, with approvals and registrations in 18 countries, including Dubai, France, Italy, Spain, Japan, Sweden, etc.
Last month, Binance exited several European countries, including the United Kingdom, Netherlands, Cyprus, and others, due to its failure to get appropriate regulatory approval to continue its operation.
Additionally, the exchange faces regulatory challenges in the U.S., where the Securities and Exchange Commission (SEC) and other regulatory agencies have filed charges against its lack of compliance with local regulations.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Jacob Oliver is a recovering academic and English teacher who went down the crypto rabbit hole in 2017 after recognizing the technology’s potential.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
The indictment will include the charge of conducting an illegal political influence campaign via straw donors as part of the larger wire fraud scheme.
Novogratz said his sources expect the SEC will give spot Bitcoin ETFs the green light in the next four to six months.
The affected tokens, which include SOL and MATIC, will be unavailable by late August.
The SEC chair called AI the “most transformative technology of this generation” and stressed the need to prepare for its influence on financial markets.
Warren’s urgent call for safeguarding billions in tax revenue hinges on immediate crypto tax regulation.
PayPal pushes the digital currency frontier with USD-backed stablecoin, fostering seamless conversion and regulated transactions.
Crypto entrepreneur Sina Estavi’s effort to sell the NFT since 2022 has been futile as the once-booming market fizzles.
The Worldcoin founder is touting high adoption rates but support from on-chain data is lacking.
The Republican hopeful promised to block CBDCs on day one of his presidency.
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