• 24 June, 2024
News

Binance Grabs Swedish FSA Approval Amidst Expansion Plans

The Swedish Financial Supervisory Authority (Swedish FSA) has granted crypto exchange, Binance authorization to offer its services in Sweden, namely those related to the management and trading of digital assets. A recent tweet from the exchange’s official account highlighted the development, with the firm stating:

“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 revealed that the approval process had taken months, with the company maintaining constant communication with the Swedish FSA. This registration allows Swedish citizens to use Binance’s wide variety of crypto and Web3 services, including euro deposits and withdrawals, crypto purchases with EUR, trading, staking, and the Binance Visa Card.

“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,” said Richard Teng, Binance’s Head of Europe and MENA.

This latest license procurement comes after Binance received six other regulatory approvals from EU member states, including Poland, Lithuania, Spain, France, Italy, and Cyprus. Furthermore, the exchange has received authorization from eight other jurisdictions across different continents, making this its 15th license globally.

Expansion plans

As part of its global expansion, Binance CEO Changpeng Zhao has stated that the cryptocurrency exchange plans to increase its workforce by 15% to 30% in 2023. In addition, the CEO added that the exchange has plans to invest in customer service and upgrade technology to increase efficiency.

“We have one business that is pretty big, pretty profitable but it is not going to last forever… we don’t want to become the Kodak. We want to disrupt ourselves rather than other people disrupting us,” Zhao said.

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