Binance to expand to Sweden with new crypto trading license ⋆ ZyCrypto
   
Binance has been granted registration to operate in Sweden, expanding its foothold in Europe.
“Binance is pleased to announce that Binance Nordics AB has been granted registration as a financial institution for the management and trading of virtual currency by the Financial Supervisory Authority (Finansinspektionen)” the stock exchange announced today.
The exchange noted that the green light came after a month of constructive engagement between Swedish regulators and Binance Nordics AB. This means that Swedish citizens will in future have access to all Binance’s crypto products and services, including crypto buy/sell via Euros, Binance Visa Card, Binance NFT, auto invest and custody, among others.
Sweden will now be seventh EU member state to grant Binance an operating license after France, Italy, Spain, Cyprus, Lithuania and Poland issued similar permits within the past two years. Additionally, following today’s announcement, Binance now has 15 operating licenses and registrations globally.
Richard Teng, head of Europe and MENA at Binance, commented on the new milestone;
   
“Binance continues to demonstrate its commitment to working closely with regulatory authorities to maintain global standards. Our registration in Sweden is the result of many months of diligent, hard work by our team, underlining our commitment to the Swedish market and our users. We are deeply grateful for the support from the Financial Supervisory Authority throughout the application process and for the approval.”
In a separate note, Roy van Krimpen, Nordics and Benelux Lead, stated that Binance Nordics AB had “adopted risk and AML policies to match EU laws and local laws of Sweden.”Our next big task will be the successful migration and launch of local operations, including hiring local talent, organizing more events and delivering more crypto education in Sweden.” he added.
Binance expansion into Europe has been a big win for the world’s largest crypto exchange by traded volume, especially considering the headwinds it faced, especially after the Terra Luna crash. In June 2021, the UK Financial Conduct Authority (FCA) issued a circular stating that Binance was unregulatedcould therefore not conduct any business in the country.
In July 2021, the crypto exchange was forced to temporarily halt payments from the European Union’s Single Euro Payments Area (SEPA) as well as the UK’s Faster Payments network, citing events beyond its control. Earlier that month, Barclays said it was blocking deposits to the exchange, although withdrawals were allowed.
Nevertheless, despite the cold reception, Binance has continued to push into the EU region, with Martin Bruncko, Binance’s Executive Vice President for Europe, notes that they are “in it for the long haul” when it comes to Europe.