Binance has successfully registered as a licensed financial institution in Sweden, the cryptocurrency exchange company announced on Wednesday. Swedish regulators have approved Binance Nordics AB to facilitate the management and trading of virtual currencies for its nationals. With this development, Sweden has become the seventh member state of the European Union (EU) to grant Binance regulatory approvals. France, Italy, Spain, Cyprus and Poland have previously taken a similar decision. For Binance, this marks an important milestone as the exchange moves forward in its quest to become the most licensed crypto company in the world.
Crypto investors in Sweden now have options to buy digital assets in euros and use both the Binance Visa card and Binance NFT services.
“Our registration in Sweden is the result of many months of diligent and hard work by our team, which supports our commitment to the Swedish market and our users. We are very grateful for the support of the Swedish Financial Services Authority during the application process and for the approval,” said Richard Teng, Binance’s head of Europe and the Middle East and North Africa (MENA) regions, in a statement. press release.
In the coming days, the exchange will open job openings for Swedish residents and schedule a calendar detailing crypto awareness and educational programs.
“We are very grateful for the support of the Swedish Financial Services Authority during the application process and approval,” Teng noted.
Binance was founded in July 2017 by CEO Changpeng Zhao and currently has offices in the US, the Cayman Islands and Lithuania, among others.
Binance captured most of the global crypto market by the year 2022. In its analysis, digital asset research firm Arcane said that by the last week of December, Binance held 92 percent of Bitcoin’s spot market — the base market where crypto assets are traded. settled. and immediately exchanged.
Before closing the year 2022, the exchange acquired the Indonesian Tokocrypto exchange and the Japanese Sakura exchange.
The exchange is currently facing legal challenges against its proposal to buy the assets of bankrupt cryptocurrency lender Voyager.
The US Securities and Exchange Commission (SEC) has filed a limited objection to Binance.US’s proposed $1 billion (approximately Rs. 8,250 crore) acquisition of Voyager.
The SEC has said the purchase agreement does not include details about the crypto exchange’s ability to close the deal and has requested more information about the nature of the company’s post-deal business, according to the filing.
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