Sweden approves Binance as official financial institution

The Swedish Financial Supervisory Authority (Finansinspektionen/Swedish FSA) approved and registered the crypto exchange, Binance, as an official financial institution.

According to Reuters, the registration allows Binance to launch a website in Swedish and in other ways market itself directly to consumers in the Nordic country, said Per Nordkvist, deputy head of the Financial Supervisory Authority’s banks division.

Richard Teng, Head of Europe and MENA at Binance said:

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

Sweden is considered the seventh country in the European Union (EU) that allowed the crypto exchange regulatory permissions after France, Italy, Lithuania, Spain, Cyprus, and Poland.

Binance was founded by CEO Changpeng Zhao in Shanghai in 2017, though where the exchange is based is unrevealed.

In 2022, Binance.com exchange processed trades worth over $22 trillion.