Crypto Exchange Binance Receives Regulatory License in Sweden

  • This is the seventh EU country where the platform has been granted such a license.
  • Binance’s Swedish subsidiary Binance Nordics AB has received the registration.

Binance, the biggest cryptocurrency exchange in the world, is now officially recognized as a legal entity in Sweden by the Swedish Financial Supervisory Authority for the purpose of managing and trading virtual currencies.

Furthermore, after Italy, France, Spain, Poland, Cyprus, and Lithuania, this is the seventh EU country where the platform has been granted such a license. After “months of positive interaction”, Binance Nordics AB, the exchange’s Swedish subsidiary, announced its official registration with the country’s financial watchdogs.

Upholding Global Standards

Moreover, customers in the region are now legally authorized to use its services — which include trading, and staking cryptocurrencies using the Euro. Binance’s Head of Europe and MENA, Richard Teng, has said that the newest registration shows the company’s commitment to working with authorities to “uphold global standards.”

Richard added:

“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.”

Furthermore, Roy van Krimpen, Binance’s Head of Benelux, asserted that the trading venue has implemented adequate anti-money-laundering (AML) procedures in accordance with Swedish law and regulations.

Moreover, the exchange has already received regulatory approval from six other European Union countries, including France, Italy, and Spain. According to CZ’s comments from last year. Binance is “building a compliance team” that might benefit the company in obtaining a license in Europe’s biggest economy, Germany.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.