Binance’s announcement on January 11 lauded the decision by Sweden’s financial authority to grant the operating license. The decision mirrors approval granted to Binance by France, Spain, Dubai and Bahrain authorities in 2022 to establish operations.
Successful Approval by Sweden’s FSA
The recent announcement by the Swedish Financial Supervisory Authority (FSA) confirmed the registration of a local subsidiary of the Binance crypto exchange. The financial regulatory agency’s approval of the local arm will enable Binance to harmonize trading and managing digital currencies.
Lauding the approval of Swedish operations, the Binance statement released on January 11 confirmed the concluding months of constructive months with FSA. The statement indicated that FSA approval granted the local arm – Binance Nordics AB, registration certificate on Tuesday, January 10. The milestone will enable Swedish crypto users to utilize the centralized services from the Binance platform.
Establishing Binance Nordics AB
Roy van Krimpen, Binance lead executive in Europe, admitted that Sweden is among few jurisdictions that have aligned the local regulations with the EU laws. As such, Krimpen illustrated that Binance Nordics AB prioritized risk assessment and implemented anti-money laundering (AML) policies that comply with the Sweden standards.
Also read:Krimpen added that Binance’s subsequent objective would involve successful migration and establishing local operations. He restated that Binance will expedite assembling local talent, holding crypto events and sensitization forums within Sweden.
Securing approval by Sweden’s financial authority will give Binance access to a critical market. In particular, Krimpen regarded Sweden as a critical destination for crypto service providers alongside Bahrain, Dubai and Spain, where Binance secured approval in 2022.
Expanding Operations in Critical Crypto Destinations
Securing the trading license in Sweden portrays a turnaround by developed countries’ authorities to Binance. In the past, Binance has been at the centre of crackdowns initiated by the UK, US, Japan and Canada to prohibit the exchange’s operations. Additionally, the authorities have continually warned potential investors of the vulnerability of cryptos to volatility.
Recently, a US court granted Binance.US initial approval in a January 10 ruling to proceed with the $1.022 billion deal to purchase Voyager Digital’s assets. The approval of the takeover of the bankrupt crypto lender will enable Binance to expand operations in the US.
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