The Swedish financial authority’s decision came after authorities in France, Bahrain, Spain, and Dubai issued similar authorization for Binance in 2022.
The Swedish Financial Supervisory Authority, one of the nation’s financial regulatory bodies, has given Binance’s Swedish subsidiary permission to administer and trade digital currencies.
The FSA awarded Binance Nordics AB registration status on January 10 after “months of positive interaction” with the financial authority, according to a Jan. 11 release from Binance. This judgement enables Swedish citizens access to Binance’s cryptocurrency services.
“Sweden fully embraces EU regulations and has additional local requirements, thus we have ensured that Binance Nordics AB has developed risk and AML procedures that meet this stringent level,” said Roy van Krimpen, Binance’s regional head. “Our next major goal will be the successful migration and launch of local operations, including the employment of local talent, the organisation of more events, and the delivery of further crypto education in Sweden.”
The Swedish financial authority’s decision came after authorities in France, Bahrain, Spain, and Dubai issued similar authorization for Binance in 2022. Authorities in several nations, including the United States, the United Kingdom, Canada, and Japan, have already clamped down on the exchange’s activities and warned prospective investors about the risks associated with digital assets.
On January 10, a U.S. court authorized Binance.US to acquire more than $1 billion in assets from Voyager Digital, which filed for bankruptcy in July. Prior to Voyager’s bankruptcy in November, FTX had intended to buy its assets, but now they are once again available.