Binance obtains its seventh license in the EU after Swedish registration
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Binance Nordics AB, the subsidiary of Binance in Sweden, has secured registration as a virtual currency and management platform. The crypto exchange secured the license from the Swedish Financial Supervisory Authority (Swedish FSA).
Binance secures its seventh license in the EU
Following this regulatory approval, Binance has obtained the seventh regulatory license in the European Union. The exchange is currently approved as a digital asset service provider in 15 countries globally.
The exchange obtained this license, saying it would further its commitment to regulatory compliance across Europe. Binance added that the license would enable the residents of Sweden to access a variety of regulated cryptocurrency and Web3 services. In a blog post, Binance added that the registration was received after months of engagement with the Swedish financial market regulator.
The exchange noted that the regulatory license would enable Swedish residents “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.”
The regulatory license comes amid the EU’s interest in embracing the fats-growing crypto industry. The region is set to emerge as a crypto hub as it has attracted quite a number of crypto companies. The EU’s upcoming Markets in Crypto Assets (MiCA) regulatory framework could also help clear up crypto regulatory issues in the country.
The head of Binance Nordics and Benelux, Roy Van Krimpen, commented on this development saying that the next goal was to launch local operations in Sweden. It would also hire local talent to support its operations in the country. Binance plans to organize more events and provide crypto education services in the country.
Binance securing approval from global regulators
Binance is expanding its operations in the EU and other countries after receiving regulatory approvals. However, these approvals are coming after years of the exchange battling with several regulators for operating without the necessary licenses. The exchange operations were halted in several countries because of regulatory concerns.
Binance has the potential to dominate the market in Europe as it has already received licenses in six other countries: Cyprus, France, Italy, Lithuania, Poland, and Spain. Besides Europe, Binance is also growing its global presence.
The exchange has received regulatory licenses in Australia, Japan and New Zealand in the Asia-Pacific region. In the Middle East, it is licensed in the Abu Dhabi Global Market, Bahrain, and the Dubai World Trade Center. It is also licensed in Canada and South Africa.
Binance is also looking to expand its operations in South Korea. The exchange plans to acquire Gopax, one of the leading Korean exchanges. Binance is planning to purchase the majority of shares held by the Gopax CEO, Lee Jun-Haeng, in the exchange.
