Thu Jan 12, 2023 ▪ 5:00 p.m. ▪
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Clearly, Binance has the wind in its sails. Indeed, after regulators from France, Bahrain, Spain and Dubai, it is Sweden’s turn to grant its approval to the crypto exchange. A meteoric rise that is a game-changer in an ecosystem currently plagued by the consequences of the collapse of FTX.
Binance conquering the world?
After conquering some countries in Asia and America, it would seem that the Binance crypto platform has set its sights on Europe. Indeed, after France and Spain, it is Sweden’s turn to benefit from the firm’s cryptography services.
Thus, on January 10, the Swedish Financial Supervisory Authority, one of the country’s financial regulatory agencies, granted Binance Nordic AB registration status in its territory. This is the culmination of several months of constructive engagement with the FSA, the financial regulator. The announcement made on January 11 is a delight for Swedish residents who can now access Binance crypto services.
Roy Van Krimpen, Binance Area Manager, said, “Sweden is fully embracing EU laws and other local requirements, so we have ensured that Binance Nordics AB adopts risk and anti-money laundering policies to meet this rigorous standard”.
Additionally, “Our next big task will be the successful migration and launch of local operations, including hiring local talent, hosting more events, and delivering more crypto education in Sweden,” Van argues. Krimpen in an announcement published on January 11.
Binance continues to grow despite opposition from some powerhouses
Furthermore, although some countries such as the United States, Canada, Japan and the United Kingdom have previously clamped down on stock exchange operations, others are sailing against the tide. This is the case of France, Bahrain, Spain and Dubai which, despite the risks associated with digital assets, granted approvals to Binance in 2022.
However, the visceral rise of Binance is no longer to be proven. Indeed, on January 10, a US court approved a preliminary agreement that will see the crypto exchange acquire more than $1 billion in assets from Travel Digital. Details that the initial purchase by Sam Bankman-Fried had fallen into the water with the collapse of FTX.
Binance in its expansion project has already conquered several territories. Indeed, after France, Spain and the Middle East, it is Sweden’s turn. He intends to fight against money laundering and better train on crypto in the country. Although some regulatory authorities in some countries remain wary of these digital financial products.
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Doctoral student in financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. He naturally participates thanks to his articles in the daily blockchain revolution for a better democratization of DeFi.
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