Binance Expands Footprint in Europe as it Acquires License to Operate in Sweden

The Swedish financial supervisory authority (FSA) allowed Binance to operate in the country, which will permit the crypto exchange to launch a website in  Swedish and market itself directly to consumers in the area. 

“Binance is pleased to announce that Binance Nordics AB has been granted registration as a financial institution for management and trading in virtual currency by the Swedish Financial Supervisory Authority (Swedish FSA),” the officials of the crypto exchange announced today.  

On Thursday, Binance shared a CEO statement on Twitter which stated that now Sweden residents can legally deposit and withdraw crypto. It also added that users have to deposit Euros in return. 

The registration enables Binance to market itself directly to the customers in the said area. Binance has now acquired licenses in 15 different jurisdictions, including Australia, New Zealand and European Union states. 

“Binance continues to demonstrate its commitment to work closely with regulatory agencies to uphold global standards,” Richard Teng, Binance’s head of Europe and MENA, said on Wednesday in a blog post.

Swedish users will gain access to Binance Visa Card and Binance Pay which will enable them to send crypto to different merchants. Swedish nationals can access all Binance products, including Business NFT and auto-invest. Users can also have access to mining, staking and custody features of crypto. 

Binance CEO Changpeng Zhao in Shanghai denied revealing the location of the exchange. Reuter’s study of Binance corporate fillings reports that the exchange of Binance.com will remain hidden from the public. 

The Public filling does not report the flow of money between Binance.com and units. The analysis of Reuter also stated that various units have little activity. 

Binance’s head of MENA and Europe, Richard Teng, wrote about the new milestone:

“Binance continues to demonstrate its commitment to work closely with regulatory agencies to uphold global standards. Our registration in Sweden is the result of many months of diligent, hard work from our team, underpinning our commitment to the Swedish market and our users. We are deeply grateful for the support from the Swedish Financial Supervisory Authority throughout the application process and for the approval.”

Sweden is now the 7th EU state that grants Binance a license after Italy, France, Cyprus, Poland, Spain, and Lithuania. 

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