Aug 8, 2023

The Central Bank of El Salvador granted two licenses to crypto exchange Binance to offer bitcoin and digital assets services in the country.

Video transcript

Let's talk about Binance. We haven't spoken about them in a while which is a surprise as they face regulatory um, uncertainty in many different jurisdictions all over the world. Now, they have received two licenses to operate in El Salvador, making it now licensed to operate in 18 countries. In a statement, the company said it now has a Bitcoin service provider license and a non provisional digital asset services provider license which will allow the exchange to expand its product and services offering in the country. I believe it's the first exchange to get that second um license in El Salvador. Will, I'll toss it off to you. What do you make of this for b move to another country? Not super surprising. I mean, they've been swapped around from a few different jurisdictions but they're constantly growing and that's sort of been the strategies from day one, right? Like let's get into many jurisdictions as possible. I love the angle here with El Salvador and Baan. So because we need to have more adoption and I think it did work to some degree in El Salvador, like the launch of Chiva Wall and like the Bitcoin to the country as legal tender, but like a lot of the key infrastructure, which just wasn't there. And frankly, Binance does have it. Like I've spoken with many, many people in different countries around the world who don't really have banking infrastructure around them, but they do have a cell phone and they do have the ability to onboard to Binance and they do have the ability to go purchase tokens on Binance and use that as their bank account. And so if you have b moving into El Salvador, and it's all set up and approved by the government and they can be there to stay for a while. But look, you just on boarded an entire banking system that can be used by anyone agnostically within the country very simply. So I applied Binance for moving forward with this and I hope that it's all steady waters going forward. We definitely see a lot of people on crypto Twitter, especially like the Bitcoin Maxi Front who are very inclined to uh cheering for Binance to go under. And I think that would be a huge loss, right? Because Binance at its core is bringing useful internet infrastructure for banking to different people around the globe. And I think that's something to cheer on. I think that's something that's very much so in line with Bitcoin's ethos, uh there might be problems behind the books, who knows, like that's always speculated. But for now I'm saying this as like a very positive headline. Zach. Yeah. No, well said and I think you're right. Right. This uh expands uh the access um to people in El Salvador who were on boarded into a Bitcoin system. You're right. Without, without some of that key infrastructure in place. So they're able to, you know, choose how they interact with the digital asset ecosystem a bit more fully now that this is in place. Right. So um the fact that Binance again has its legal woes and is jumping from jurisdiction to jurisdiction seemingly as regulators close in. Yeah, that's background, but I think you're right, the providing access again to this uh this market where there probably is a heightened adoption given that Bitcoin is legal tender, there is super relevant and interesting. We haven't heard much about El Salvador recently. I feel like um President Bule, I believe has been rather quiet of late. So it is also interesting to see El Salvador in the headlines uh getting a pretty key partner on the exchange side uh and providing liquidity for some of the people who um have Bitcoin there now. So yeah, interesting to see, I don't know. What do you, what do you think? I think this is absolutely fantastic. We see so much negative information or headlines regarding Binance, which I think some of them are, you know, paid fud for. I think that some of them are justified. I understand that they are going through through some legal stuff which I get, you know, nobody's perfect, but at the same time, um, I feel like Binance has done a very, very big service to the entire crypto industry and especially to Bitcoin too, like it offers a lot of different trading products and services to people on a global scale. I think that they're doing the best they can to stay regulated and generally the most popular people or the most popular companies always end up under the most heat. Um And again, not saying that, you know, they're perfect, they've done everything well, but this move is a big deal and I think that this is gonna help a lot of other people um be able to actually use Bitcoin and to use crypto and to transactions. I remember will said something. Um, a couple months back about some people in unbanked areas are actually utilizing B as a form to pay their bills or to get, you know, send money back and forth. And I think that that's absolutely amazing. Again, they're not perfect. Nobody is, but I think we should celebrate the, the, the many victories we have and then hold them accountable if they do bad things. And we're waiting to see that happen in court.

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