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Binance Gains Regulatory Clearance in Sweden

Binance Gains Regulatory Clearance in Sweden

Binance has gained Institutional clearance to offer Crypto services to its Swedish customers. The decision from Sweden’s financial authority followed regulators in France, Bahrain, Spain and Dubai granting similar approvals for Binance in 2022.

Binance announced its registration with the Swedish Financial Supervisory Authority on 10 January 2023, making Sweden the seventh EU member state to which Binance has been authorized, following France, Italy, Lithuania, Spain, Cyprus and Poland.

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  • Binance received a license in Sweden.
  • Voyager Digital received approval to sell assets to BinanceUS.
  • FTX returned more than $5 billion.
  • ConsenSys will lay off 100 or more employees.
  • Quasar Finance raised $5.4 million in a round led by Shima Capital.
  • Venom Ventures Fund with partners will invest $1 billion in Web3 applications.

As the world’s largest digital asset exchange, this registration means that Swedish residents will now be able to access Binance’s broad range of crypto and Web3 services, including popular euro deposits and withdrawals, crypto buying with euro, trading, staking and the Binance Visa Card.

Apparently, Binance CEO CZ at a Conference in St. Moritz Switzerland, spoke about the company’s 2023 vision in adding more job opportunities for professionals into its ecosystem.

In terms of plans for 2023, CZ stated that the essential focus is on making the exchange more efficient, which includes improving the technology as well as focusing on investing in customer care support.

Richard Teng, Head of Europe and MENA at Binance, said;

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, underpinning our commitment to the Swedish market and our users. We are deeply grateful for the support from the Swedish Financial Supervisory Authority throughout the application process and for the approval. Sweden is now amongst the growing list of global jurisdictions that have granted regulatory approval to Binance.

Consequently, Binance has gained court approval to acquire bankrupt crypto lender Voyager Digital. For context: FTX bought a bunch of insolvent companies right before its immediate collapse to make it look like their balance sheet and investment thesis was fully intact.

Despite incessant FUD Binance Exchange have been doing well and was able to process over $60B in customer’s Withdrawal request during the Yuletide with hitting a bank run.

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