The crypto exchange, Binance, makes its way into Sweden’s crypto market. The Financial Supervisory Authority of Sweden gave persimmon to the Swedish subsidiary of Binance to trade and administer cryptocurrencies.

The announcement was made on 11 Jan; with this development, Sweden has become the seventh European nation to license the crypto exchange. Binance Nordics AB’s has been recognized as a registered financial institution by the FSA.

With this news, Swedish people can now enjoy and make use of all functions provided by Binance, which include, trading cryptos, and making withdrawals in euros and deposits.

Moreover, this will give the people of Sweden to have access to other functionalities of Binance, such as staking services of Binance and its Visa card.

 Binance has already received approval from other six European Union member nations, including Italy, France, Poland, Spain, Lithuania, and Cyprus..

As per the chief of Europe and MENA at Binance, Richard Teng, the latest registration depicts Binance’s dedication to “maintain global standard” while working with the regulators.

He said: “We are extremely grateful to the Swedish Financial Supervisory Authority for their assistance throughout the application process and for their approval. Sweden has joined the expanding list of foreign jurisdictions awarded Binance regulatory permission.”

The exchange, Binance, has already been licensed in 15 jurisdictions and provides its services to users from over 140 nations.

On Wednesday, at the Crypto Finance Conference in St. Moritz, the CEO of Binance, Changpeng Zhao, shared that the company’s objective is to boost and maintain its scaling plans and hire more employees from 15 % to 30%.

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