Binance has been Granted Registration in Sweden

The largest cryptocurrency exchange in the world, Binance, has been licensed by the Swedish Financial Supervisory Authority as a financial institution for the management and trading of cryptocurrencies in the Scandinavian nation.

This makes the seventh country in the EU to grant the platform an approval of this kind; the other six countries are Italy, France, Spain, Poland, Cyprus, and Lithuania to exchange for the trade. 

With the approval, local users will be allowed to use its services and goods, including trading, staking, and purchasing cryptocurrencies with euros and withdrawing funds in exchange for fiat money.

After “months of constructive engagement,” Binance Nordics AB, the exchange’s Swedish entity, received approval from the nation’s monetary authorities.

Notably, according to CZ’s statement from last year, Binance is “building a compliance team,” which might aid the company in getting a license in Germany, the biggest economy in Europe.

The most recent registration, according to Binance’s Head of Europe and MENA, Richard Teng, shows the company’s dedication to cooperate with authorities 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,” said Teng.

Binance Continues Global Expansion

With the purchase of the regionally regulated supplier of digital asset services Sakura Exchange BitCoin (SEBC) at the end of the last year, Binance, whose activities in Japan had gained traction, has finally made its way into the Asian nation. 

Binance will now function as a Japan Financial Services Agency (JFSA) regulated firm given that the regional exchange is overseen and authorized by the Financial Services Agency (FSA).

With the help of regulatory permissions and licenses from countries including Italy, Bahrain, Abu Dhabi, Dubai, and Kazakhstan, Binance has expanded its international presence.