The Swedish Financial Supervisory Authority, one of the country’s financial regulatory agencies, has granted the local arm of crypto exchange Binance approval to manage and trade digital currencies.
According to a Jan. 11 announcement, Binance said following “months of constructive engagement” with the financial regulator, the Swedish FSA granted Binance Nordics AB registration status on Jan. 10. This decision effectively allows Swedish residents to access Binance’s crypto services.
“Sweden fully adopts EU laws and has further local requirements, so we have been careful to ensure that Binance Nordics AB has adopted risk and AML policies to match this exacting standard,” said Roy van Krimpen, Binance’s lead in the region. “Our next big task will be the successful migration and launch of local operations, including hiring of local talent, organizing more events and delivering more crypto education in Sweden.”
Hej Sweden #Binance has been granted registration by the Swedish Financial Supervisory Authority.
Furthering our commitment to compliance across Europe, this registration gives residents in Sweden access to a broad range of our regulated crypto and Web3 services.
– Binance (@binance) January 11, 2023
The decision from Sweden’s financial authority followed regulators in France, Bahrain, Spain and Dubai granting similar approvals for Binance in 2022. Authorities in certain countries including the U.S., United Kingdom, Canada, and Japan previously cracked down on the exchange’s operations, warning potential investors about the risks surrounding digital assets.
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On Jan. 10, a U.S. court approved of a preliminary deal allowing Binance.US to purchase more than $1 billion in assets from Voyager Digital, which declared bankruptcy in July. FTX had planned to acquire Voyager’s assets prior to its collapse in November, leaving them up for grabs once again.