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.
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 workforce… Binance thus quietly continues to recover shares of the crypto market.
CEO and Editor-in-Chief of Coinpri I have been navigating the waters of Blockchain for 5 years already.
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