The latest license marks the exchange’s seventh regulatory approval in the EU on its journey to global reach.
Binance, the world’s largest exchange, has received regulatory approval from the Swedish Financial Supervisory Authority (Swedish FSA) to provide digital asset-related services such as management and trading in digital currencies within the Scandinavian nation. The latest license procurement brings Binance a step closer to global adoption.
The development was recently announced by the exchange through its official Twitter handle. “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 said in a tweet today, sharing a link to the official announcement.
Binance disclosed that the processes involved in obtaining the regulatory approval had been on for months, as it had been in constant talks with the Swedish FSA. The license finally gives Binance the full legal regulatory backing to offer its robust crypto-focused services to residents in Sweden, including but not limited to crypto trading, staking, and fiat deposits.
Binance Chief Changpeng “CZ” Zhao also called attention to the development, pointing out that this would mark the exchange’s seventh regulatory license within the European Union, as it looks to expand its reach on a global scale.
“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,” Richard Teng, Binance’s Head of Europe and MENA, remarked, speaking on the achievement. Teng also expressed his gratitude to the Swedish FSA for their support during the approval process.
The recent license procurement follows six previous approvals granted to Binance by nations within the European Union, including Poland, Lithuania, Spain, France, Italy, and Cyprus. In addition, the exchange has also received approval licenses from eight other jurisdictions across several continents, making this its 15th license globally.
In December 2021, Binance announced its first in-principle regulatory license in the Middle East and North Africa (MENA) region from the Central Bank of Bahrain. On the same day, CZ revealed that the exchange’s Canadian unit had been approved as a money services provider.
