Binance secures license to provide crypto spot and margin, staking, payments, cards, custody in Sweden
Sweden becomes the seventh EU Member State in which Binance has been granted authorisation, following authorisations in: France, Italy, Lithuania, Spain, Cyprus and Poland.
Binance has announced its Swedish entity, Binance Nordics AB, has secured license from the Swedish Financial Supervisory Authority (Swedish FSA) to operate as a financial institution for management and trading in virtual currency.
Holding registration number 66822, Binance Nordics AB will now be able to provide Swedish residents with access to Binance’s broad range of crypto and Web3 services, including euro deposits and withdrawals, crypto buying with euro, trading, staking and the Binance Visa Card.
Products available to Swedish users include savings, auto-invest, launchpad
The whole list of products available to Swedish users will include: Crypto buy/sell with EUR, spot trading, margin trading, staking through Binance Earn, Binance Pay, Binance Pool, NFT marketplace, fan tokens, Binance Visa Card, crypto convert function, Launchpad, Launchpool, Savings, BNB Vault, auto-invest, and Custody.
The Swedish approval comes as another milestone for the world’s largest digital asset exchange at a tumultuous time for the whole digital asset industry. After the downing of Celsius Network, among other crypto lenders, the collapse of FTX has put further pressure on the remaining participants as contagion spreads.
The most pressing matter at the moment is the conflict between the Winklevoss-owned exchange Gemini and Genesis, the crypto lender owned by Barry Silbert’s Digital Currency Group, one of the largest players within the ecosystem.
Binance has secured 7 licenses in the European Union
Sweden becomes the seventh EU Member State in which Binance has been granted authorisation, following authorisations in: France, Italy, Lithuania, Spain, Cyprus and Poland.
Richard Teng, Head of Europe and MENA at Binance, commented: “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 Services 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.”
Roy van Krimpen, Nordics and Benelux Lead, added: “Sweden fully adopts EU laws and has further local requirements, so we have been careful to ensure that Binance Nordics AB has adopted risk and AML policies to match this exacting standard. Our next big task will be the successful migration and launch of local operations, including hiring of local talent, organizing more events and delivering more crypto education in Sweden.”
