BNB

Binance Obtains Registration from Swedish Financial Supervisory Authority

by BSCN

January 11, 2023

Binance now operates in seven EU Member States and fifteen jurisdictions globally.

Binance Enters Swedish Market

Binance confirmed that Binance Nordics AB received formal registration from Sweden’s Financial Supervisory Authority to operate as a financial institution for the management and trading of virtual currencies in the country.

The news of Binance’s expansion broke on January 11 through Binance’s blog following months of perseverance and “constructive engagement” with regulators. Swedish citizens will be able to engage in the Web3 offerings and services provided by Binance, including Euro deposits and withdrawals, Euro-to-crypto transactions, plus trading and staking. Swedes will also now get access to the Binance Visa card.

“Binance continues to demonstrate its commitment to work closely with regulatory agencies to uphold global standards. 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,” Richard Teng, Binance’s Head of Europe and MENA said in the blog post. “We are deeply grateful for the support from the Swedish Financial Supervisory Authority throughout the application process and for the approval. Sweden is now amongst the growing list of global jurisdictions that have granted regulatory approval to Binance.”

The latest regulatory development from Binance in Sweden makes it the seventh European Union Member State to allow Binance to operate and the fifteenth globally. Binance also operates in EU countries such as Spain, Italy, and France.

“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,” said Roy van Krimpen,Binance Nordics and Benelux Lead. “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.”

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.