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Binance gets regulatory approval to manage and trade cryptocurrencies in Sweden


Binance, the cryptocurrency exchange , announced that it has successfully registered as a licensed financial institution in Sweden, as Swedish regulators have approved Binance Nordics AB to facilitate the management and trading of virtual currencies for its citizens, and with this development, Sweden has become the seventh member country of the European Union (EU) to grant Regulatory approvals from Binance, previously France, Italy, Spain, Cyprus and Poland made a similar decision for Binance, and this marks an important milestone as the exchange moves forward with its goal of becoming the most licensed cryptocurrency company in the world.
Cryptocurrency investors in Sweden will now have options to buy digital assets in euros and use a Binance Visa card in addition to Binance NFT services, according to gadgets360.
Richard Teng, Head of Europe, Middle East and North Africa (MENA) at Binance, said in a press release: “Our registration in Sweden is the result of many months of tireless and hard work from our team, reinforcing our commitment to the Swedish market and our users and we are extremely grateful for the support provided by the service authority.” Swedish Finance throughout the application and approval process.
The exchange will open job positions for Swedish citizens and will schedule a calendar detailing cryptocurrency awareness and educational programs.
“We are very grateful for the support of the Swedish Financial Services Authority throughout the application process and for approval,” Teng noted.
Binance was founded by its CEO Changpeng Zhao in July 2017 and currently has offices in the United States, the Cayman Islands, and Lithuania, among other parts of the world.
Binance captured the largest portion of the global crypto market in 2022. In its analysis, digital asset research firm Arcane said that by the last week of December, Binance had captured 92% of the cryptocurrency spot Bitcoin market.
Before the end of 2022, the exchange acquired the Indonesian Tokocrypto Exchange and the Japanese Sakura Exchange.
The exchange is currently facing legal troubles against its proposal to buy the assets of the bankrupt cryptocurrency lender, Voyager.
The US Securities and Exchange Commission (SEC) has filed a limited objection to Binance, with the US proposing its $1 billion acquisition of Voyager.
The SEC said the purchase agreement lacked details about the cryptocurrency exchange's ability to close the transaction and requested more information about the nature of the company's business operations after the transaction, according to the filing.