Binance Secures Regulatory Approval from Sweden

| Updated
by Babafemi Adebajo · 2 min read
Binance Secures Regulatory Approval from Sweden
Photo: Unsplash

Besides pursuing regulatory approval, Binance has also continued to expand its workforce.

Cryptocurrency exchange Binance has secured regulatory approval from the Swedish Financial Supervisory Authority (Swedish FSA), allowing it to offer its services to the Swedish community. Binance Nordics, Binance’s local arm, obtained regulatory approval after months of deliberation with the authorities.

Consequently, Swedish customers will be able to use Binance’s services, including trading assets, staking, and several Web3 services.

Nordics and Benelux Lead, Roy van Krimpen, stated that Binance Nordics AB’s risk and AML policies measure up to the EU standard. “Our next big task will be the successful migration and launch of local operations in Sweden,” he added.

In the Pursuit of Regulatory Approval

The Swedish license brings the total count of European licenses obtained by Binance to seven. The exchange previously obtained licenses in Cyprus, France, Italy, Lithuania, Poland, and Spain. It also has regulatory approval in 14 other jurisdictions globally.

Since its regulatory failings in Japan, Hong Kong, Ontario, and the United Kingdom in 2021, Binance has steadfastly pursued regulatory approvals across multiple markets. Binance CEO Changpeng Zhao has also repeatedly mentioned the exchange’s commitment to regulations.

Head of European Operations, Richard Teng, noted that the firm remained committed to partnering with local regulatory agencies and upholding the highest service 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,” he concluded.

In December, the exchange joined the Chamber of Digital Commerce as part of efforts to foster sustainable development of sensible regulations for cryptocurrency and blockchain. More recently, Binance became the first crypto company to join the Association of Certified Sanctions Specialists (ACSS). According to ACSS Executive Director Saskia Rietbroek, Binance’s participation will help advance compliance in the crypto sector.

Binance Continues Hiring Spree

Besides pursuing regulatory approval, Binance has also continued to expand its workforce. While many crypto companies laid off employees to stay afloat, CZ claimed the exchange’s workforce grew from 3000 to about 8000 in 2022.

Further, CZ noted that the exchange has plans to increase its headcount by up to 30%. At the time of writing, Binance has 683 open positions on its Career page.

Blockchain News, Cryptocurrency News, News
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