Sweden has become the seventh EU member state to grant regulatory approval to the Binance crypto exchange.
Binance Now In Sweden
Binance is on a roll with its expansion into Europe. The world’s largest crypto exchange has recently been approved by the regulatory body in Sweden to offer its services in the country. The Swedish Financial Supervisory Authority (Swedish FSA) has authorized Binance Nordics AB as a financial institution for management and trading in virtual currency.
The approval comes after months of constructive engagement and discussions with the regulating body.
Speaking on the matter, Richard Teng, Head of Europe and MENA at Binance, said:
“Our registration in Sweden is the result of many months of diligent, hard work from our team, underpinning our commitment to the Swedish market and our users. We are deeply grateful for the support from the Swedish Financial Services Authority throughout the application process and for the approval.”
Binance In Europe
The registration will allow Binance to offer its crypto and Web3 services to all Swedish citizens. Residents will also be able to deposit and withdraw in crypto or Euros, buy crypto with Euros, as well as participate in trading and staking with the Binance Visa card. The authorization has made Sweden the seventh EU member state to grant Binance legal permission to conduct operations in the country. Before this, the exchange had been granted registrations by regulatory bodies in France, Italy, Lithuania, Spain, Cyprus, and Poland.
According to the Regional Lead at Binance for Nordics and Benelux, Roy van Krimpen,
“Sweden fully adopts EU laws and has further local requirements, so we have been careful to ensure that Binance Nordics AB has adopted risk and AML policies to match this exacting standard. Our next big task will be the successful migration and launch of local operations, including hiring of local talent, organizing more events and delivering more crypto education in Sweden.”
Binance’s Global Expansion
The crypto exchange has had a successful 2022, despite the catastrophes that wreaked havoc throughout the year. CEO Changpeng Zhao has claimed that the company grew from a workforce of 3000 to 8000 people in the last year, in stark contrast to many of its peers that have been downsizing their workforce and filing for Chapter 11 bankruptcy. Other than Europe, the company has also focused on its Asia and Middle East expansions by applying for and getting operational registrations in Abu Dhabi, South Korea, and Japan.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.