El Salvador Implementing Bitcoin as Legal Tender

El Salvador Implementing Bitcoin

Binance, the largest crypto exchange in the world, is taking steps to establish its presence across the ocean.

El Salvador is looking to cooperate with the cryptocurrency exchange to implement bitcoin as legal tender along with the issuance of bitcoin bonds. Amid allegations from the Blockchain Association of Ukraine over ‘possible cooperation with Russia’, Binance has sent $2.5 million of the promised $10 million pledged to charity and on-ground relief organizations for Ukraine.

Now, Binance Chief Executive Officer Changpeng Zhao is visiting El Salvador and plans to meet President Nayib Bukele later in March. This strategic cooperation will see the Latin American country leverage Binance’s pioneering role in the adoption of cryptocurrencies and the facilitation of bitcoin transactions for its bold bet on the future.

This move comes after the world’s largest cryptocurrency exchange informed a Canadian provincial regulator that it would no longer be accepting new customers from Ontario. The industry’s giant decided to pull out of Ontario, rather than comply with securities law or face regulatory scrutiny. Declaring Ontario a “restricted jurisdiction”, Binance is now focusing on establishing a crypto-asset business in Bahrain.

Earlier in March, the exchange was granted an authorization, paving the way for it to begin operations within the Middle East. The company’s American affiliate also obtained a third Money Transmitter license in the US. Following the receipt of approvals in West Virginia and Connecticut, the FinCEN-registered crypto exchange received formal notice from the Wyoming Division of Banking that its application was accepted.

Binance is showing no signs of slowing down its global expansion. According to Binance CEO Changpeng Zhao – the world’s largest cryptocurrency hub will become a London-registered crypto asset firm in the next year.