Binance now registered in Sweden

Binance, the world’s largest cryptocurrency exchange, has received legal authorization to operate in Switzerland. This recognition brings to seven the number of European Union states in which Binance is legally allowed to operate. While Binance seems to be coping with the bear market with ease, its main competitors are being hit hard.

Binance now allowed to operate in Sweden

Binance is now allowed to operate in Sweden. Indeed, the world’s largest cryptocurrency exchange has obtained all the legal permits required to trade cryptocurrencies from the Swedish Financial Supervisory Authority. A very difficult step that confirms the greatness of Binance, says CZ, the CEO of the exchange.

Licenses and registrations are much harder to get now. But when the going gets tough, the tough gets going.

With this registration of Binance’s Swedish subsidiary, customers residing in Sweden are now legally allowed to use the exchange’s services. These include trading, staking, buying and selling cryptocurrencies using the euro.

For Binance, this registration in Sweden reveals its commitment to facilitating access to cryptocurrencies within the established standards. Richard Teng, Binance’s head of Europe and the Middle East, was keen to thank the Swedish authorities.

We are deeply grateful for the support of the Swedish Financial Supervisory Authority throughout the application process and their approval. Sweden is now part of the growing list of global jurisdictions that have granted regulatory approval to Binance.

Richard Teng, Binance’s Head of Europe and Middle East

Binance to conquer Europe

Binance’s registration in Sweden further expands the states in Europe in which Binance is allowed to operate. In addition to Sweden, the Binance exchange is authorized in six European countries. These include Italy, France, Spain, Poland, Cyprus and Lithuania.

Moreover, Binance is facing legal proceedings in France in connection with the registration of digital asset service providers (DASP). Indeed, 15 French investors are accusing Binance of having promoted its activities to the French public while the company did not yet have a PSAN registration as required by French law.

Despite the bear market, Binance seems to be doing very well. The exchange keeps expanding its activities and acquiring small exchange platforms in some countries. However, its competitors are very seriously affected by the market slowdown. Kraken for example has left Japan. Coinbase for its part has reduced its workforceā€¦ Binance thus quietly continues to recover shares of the crypto market.