Sweden became the seventh EU jurisdiction where Binance received a regulatory green light. 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.
The Swedish Financial Services Authority, one of the country’s financial regulators, has approved the local branch of cryptocurrency exchange Binance to manage and trade digital currencies. According to an announcement on January 11, Binance said the FSA granted Binance Nordics AB’s registration on Jan. 10, following “months of constructive engagement” with financial regulators. The decision effectively allows Swedish residents to access Binance’s crypto services.
Richard Teng, head of Binance Europe and the Middle East and North Africa, said the recent registration demonstrates the company’s commitment to working with regulators to “maintain 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 – Head of Benelux at the stock exchange – assured that the trading venue adheres to all necessary anti-money laundering guidelines to comply with Swedish laws and requirements.
“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.”said Roy van Krimpen.
Sweden Joins List of EU Countries Giving Binance License to Operate
The recent approval allows local consumers to access its products and services, such as buying cryptocurrencies with euros, withdrawing funds in fiat currencies, trading and staking.
The exchange has previously received regulatory licenses from six other EU member states, including France, Italy, and Spain. CZ said last year that Binance is “building a compliance team” to help the company get a license in Germany, Europe’s largest economy.