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 virtual currency management and trading for its nationals. With this development, Sweden has become the seventh European Union (EU) member state to grant regulatory approvals to Binance. Previously, France, Italy, Spain, Cyprus and Poland made a similar decision. This is a major milestone for Binance as the exchange advances its goal of becoming the most licensed crypto firm in the world.
crypto Investors in Sweden now have the opportunity to buy and use digital assets in euros binance Visa card as well as Binance NFT services.
“Our registration in Sweden is the result of many months of careful and hard work by our team, which underlines our commitment to the Swedish market and our users. We are deeply grateful for the Swedish Financial Services Authority’s support throughout the application process and for the approval,” said Richard Teng, Head of Binance’s Europe, Middle East and North Africa (MENA) Regions, in a press release.
In the coming days, the exchange will open positions for Swedish locals and create a calendar detailing crypto awareness and education programs.
“We are deeply grateful for the Swedish Financial Services Authority’s support throughout the application process and for the approval,” Teng noted.
Binance was founded by its CEO Changpeng Zhao Founded in July 2017 and currently has offices in the United States, the Cayman Islands and Lithuania, among others.
Binance captured most of the global crypto market in 2022. In its analysis, the digital asset research firm arcane said that as of the last week of December, Binance had 92 percent of Bitcoin’s spot market — the base market where crypto assets are instantly settled and exchanged.
Before the close of 2022, the exchange acquired Indonesia Tokocrypto exchange and Japan’s Sakura exchange.
The exchange is currently facing legal troubles against its proposal to buy the assets of bankrupt crypto lender Voyager.
The US Securities and Exchange Commission (SEC) has filed a limited objection to Binance.US’ proposed $1 billion (around Rs. 8,250 billion) acquisition. Traveller.
The SEC said the purchase agreement lacked details about the crypto exchange’s ability to close the deal and has asked for more information about the nature of the company’s post-deal operations, according to the filing.
