Binance secures regulatory approval in Sweden
The Financial Supervisory Authority registered the world’s largest cryptocurrency exchange – Binance – as a financial institution for the management and trading of virtual currency in the Scandinavian country.
This is the seventh EU nation where the platform has been granted such a license, with the previous six being Italy, France, Spain, Poland, Cyprus and Lithuania.
- Binance notified that its Swedish subsidiary – Binance Nordics AB – received 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 euros, making withdrawals against the fiat currency, trading and betting.
- Richard Teng – head of Europe and MENA at Binance – said the latest registration demonstrates the company’s commitment to working with regulators to “uphold global standards.”
“We are deeply grateful for the support from the Financial Supervisory Authority throughout the application process and for the approval. Sweden is now among 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 that the trading venue had followed all necessary AML policies to comply with Swedish law and requirements.
- The exchange has previously secured the regulatory green light from six other members of the European Union, with France, Italyand Spain are some of them.
- CZ said last year that Binance is “building a compliance team” that could help the company obtain a license in Europe’s largest economy – Germany.
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