The Swedish Financial Supervisory Authority registered the world’s largest cryptocurrency exchange – Binance – as a financial institution for management and trading in virtual currency in the Scandinavian country.
This is the seventh EU nation where the platform has received such a license, with the previous six being Italy, France, Spain, Poland, Cyprus, and Lithuania.
- Binance announced that its Swedish subsidiary – Binance Nordics AB – obtained registration from the country’s financial watchdogs after “months of constructive engagement.”
- The authorization enables local consumers to access its products and services, such as buying cryptocurrencies with euro, making withdrawals against the fiat currency, trading, and staking.
- Richard Teng – Head of Europe and MENA at Binance – said the latest registration demonstrates the company’s commitment to collaborate with regulators to “uphold global standards.”
“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,” he added.
- Roy van Krimpen – the Head of Benelux at the exchange – assured the trading venue had complied with all necessary AML policies to abide by Swedish law and requirements.
- The exchange has previously secured regulatory greenlight from six other members of the European Union, with France, Italy, and Spain being some of them.
- CZ said last year that Binance is “building a compliance team” that could help the firm obtain a license in Europe’s largest economy – Germany.