- Swedish Financial Supervisory Authority grants Binance Nordics AB registration as a financial institution for management and trading in virtual currency.
- Swedish residents now have access to the Binance product suite and are able to trade in crypto among other services.
- Binance has jurisdiction over 15 countries worldwide, 7 of them being EU states.
Binance Nordics AB has been granted registration and approval to manage and trade digital currencies in Sweden by the Swedish Financial Supervisory Authority (Swedish FSA). This comes after months of productive communication and interaction between the Swedish FSA and the exchange.
This authorization and registration allow Swedish users access to the wide range of Web3 and crypto services provided by Binance, including buying crypto with euro, trading, staking, Binance visa card, euro deposits and withdrawals, spot trading, fan tokens, margin trading, Binance Pay, Binance Pool, NFT marketplace, Launchpad, Launchpool, Savings, BNB Vault, auto-invest, and Custody.
Sweden FSA’s decision added to those of the authorities in France, Bahrain, Spain, and Dubai, who also registered Binance as a digital finance institute in 2022. Binance now has authorization and registration in 7 European Union member states, including France, Poland, Lithuania, Italy, Spain, and Cyprus, all of whose authorization details are here. This makes a total of 15 jurisdictions all over the world.
The Regional Head of Europe and Mena, Richard Teng, at Binance expressed their commitment and readiness to collaborate with the authorized agencies and adhere to the set standards.
“Our registration in Sweden results from 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 Supervisory Authority throughout the application process and the approval. Sweden is now amongst the growing list of global jurisdictions that have granted regulatory approval to Binance”, he said, speaking on the achievement.
In addition, the Nordics and Benelux Lead, Roy van Krimpen, affirmed that the trading venue had implemented adequate anti-money-laundering (AML) procedures under Swedish law and regulations. He said, ” Our next big task will be the successful migration and launch of local operations, including hiring local talent, organizing more events, and delivering more crypto education in Sweden.”
The growth of Binance jurisdiction in Europe has been an outstanding achievement, having faced many obstacles in the previous years. In June 2021, the U.K. Financial Conduct Authority warned that Binance was not permitted to carry out any activities in the country. The following month, Binance was forced to suspend deposits from the European Union’s Single Euro Payments Area network due to events it stated as “out of our control.”
Despite all these hurdles, the exchange continues to expand its territory in Europe and the rest of the world.
