Binance Celebrates Permission To Render Services In Sweden

Another Milestone Achieved

Binance is currently the world leading and biggest digital asset trading and custodial platform. Binance’s services are being availed by customers in over 140 plus countries and it has physical establishments in several countries.

Roughly, Binance has several million clients spreading all over the world. Usually, the crypto trading volume at Binance on daily basis is in the hundreds of billions, which is three times more than Coinbase.

Coinbase is the second-largest cryptocurrency exchange that is based in the United States.

Currently, Binance’s physical presence could be found in almost 15 countries from where the firm is carrying out its global business operations.

The exchange wants to expand its jurisdiction and operational access to more parts of the world. It has been working hard to increase its network around the entire world.

Amongst them are countries such as Canada, Australia, Africa, New Zealand, Kazakhstan, Bahrain, and UAE.

Binance Goes To Sweden

In the European region containing 27 countries, Binance was offering services only in 6 member states of the region.

However, this situation changed entirely on Thursday the 12th of January 2023 as another member state of the region also joined.

Binance’s services are now legally accessible in Sweden as they were available to customers in Italy, Spain, Lithuania, Poland, France, and Cyprus.

It was announced by Binance on Thursday that the firm has been legally authorized to offer its services in Sweden.

The regulatory authorities in the particular region have authorized the exchange to operate and offer its services. The country will have access to legalized services and products through the Binance exchange.

Now, users in Sweden will be able to gain access to digital assets and cryptocurrencies and trade with these assets.

It may be noted that Binance had applied for an operating license before the Swedish Financial Supervisory Authority (FSA). The application of the firm was pending long until it was finally approved by FSA recently.

Operating License/Registration Granted

Binance told that Sweden is now the seventh destination in Europe where it would be offering digital asset trading and custodial services.

FSA’s Deputy Head, Per Nordkvist told Reuters that an operating license/registration has been approved by FSA which was sought by Binance.

He further informed that under the license/registration, Binance is authorized to launch its official website in Sweden for attracting local potential investors.

Roy van Krimpen of Binance stated that Sweden is an ideal place because the country ensures compliance with the global standards of AML.

He assured me that Binance fully understands the risks of AML policy standards and their violations. He said that Binance is willing and ready to embrace such standards wholeheartedly.

He further suggested that for delivery of its services in Sweden and establishment of physical presence there, the firm would require help.

Binance Needs To Hire Local Talent

What Krimpen was suggesting was that Binance would now proceed to hire manpower and preferably it would be looking for local talent.

Krimpen pointed out that for hiring and establishing a physical presence, further events and activities will be organized in Sweden by Binance.

He also suggested that Binance is looking forward to supplying quality education, pertaining to digital assets and blockchain, to the Swedish people.

Last week Binance also managed to obtain a membership amongst the members of an association called “The Association of Certified Sanctions Specialists (ACSS)”.

This particular organization deals with the training and education of professionals exclusively within the sector of sanction and compliance.

Binance has vowed to undergo training programs offered by ACSS by each of its compliance specialists. The firm has made a commitment to help the association in coming up with improved training programs.

Can Binance Come Clean?

It may be noted that Binance is already authorized to do business in 15 countries altogether.

However, the firm does not come clean, particularly with regard to compliance issues, and had been several times accused of non-compliance. Would it make any difference now?