Binance Crypto Exchange Registers in Sweden

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STOCKHOLM, Jan 12 (Reuters) – Sweden’s financial watchdog said on Thursday it had this week registered crypto exchange Binance as a financial institute in the country.

The registration allows Binance to launch a website in Swedish and in other ways market itself directly to consumers in the Nordic country, Per Nordkvist, deputy director of the Authority’s banking division, told Reuters. financial monitoring.

Binance accounts for more than half of the global crypto trading market. With its registration in Sweden, it has now received regulatory clearances or approvals in 15 jurisdictions, including several states in the European Union as well as Australia and New Zealand.

The company’s core business, giant stock exchange Binance.com, handled transactions worth more than $22 trillion last year.

Binance, founded by CEO Changpeng Zhao in Shanghai in 2017, declined to reveal where the exchange is located.

A Reuters analysis in December of documents filed by Binance in 14 jurisdictions showed that the Binance.com exchange remains mostly hidden from the public.

Public records do not show, for example, how much money flows between the units and Binance.com. Reuters analysis also revealed that several of the units appear to have little activity.

Binance said in a statement shared by its CEO on Twitter on Thursday that with the latest registration, Swedish residents can legally access services such as crypto trading and withdrawing and depositing euros on the exchange.

However, Nordkvist said, the registration of the local unit, Binance Nordics AB, does not mean that the company is fully supervised by the watchdog.

Unlike licensed financial service providers, registered companies are required to provide the Swedish watchdog with information on anti-money laundering measures, but nothing more.

“Binance continues to demonstrate its commitment to working closely with regulatory agencies to enforce global standards,” Richard Teng, Binance’s Head of Europe and MENA, said in a blog post on Wednesday.

Reporting by Anna Ringstrom and Tom Wilson in London; edited by Jason Neely

Our standards: The Thomson Reuters Trust Principles.

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