Amid the turmoil, Binance is making its way up as it has secured the seventh regulatory approval in Europe Union (EU). The latest approval came from the Swedish Financial Supervisory Authority (FSA).
According to a company blog post on Wednesday, January 11th, Binance announced that its local arm Binance Nordics AB had been granted registration as a financial institution for management and trading in virtual currency in Sweden.
Binance Secures 7th EU Approval
According to the exchange, with this approval, Binance is now authorized in seven EU Member States and fifteen jurisdictions worldwide. Binance has already gotten regulatory approval from France, Italy, Lithuania, Spain, Cyprus, and Poland.
Binance is now registered in Sweden as Binance Nordics AB with registration number 66822. Binance operating in Sweden means that Swedish crypto users will now have access to the exchange’s “broad range of crypto and Web3 services.”
Richard Teng, Head of Europe and MENA at Binance, stated:
“Our registration in Sweden is the result of many months of diligent, hard work from our team, underpinning our commitment to the Swedish market and our users. 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.”
Binance Stands Tall Amid Chaos
The blowups of 2022 have led many crypto giants to home and left many others struggling. However, Binance stood tall, and as reported, it emerged as the dominant crypto exchange in 2022, thanks mainly to its zero trading fee policy. According to Arcane Research, Binance captured 92% of the Bitcoin (BTC) spot market trading and 61% of the entire BTC derivatives market by volume in 2022.
Furthermore, speaking at a conference in St. Moritz, Switzerland, Binance CEO Changpeng Zhao (CZ) revealed that the exchange group grew from 3,000 to 8,000 people in 2022. He added that his crypto empire would continue to scale in 2023, with headcount growth goals between 15% to 30%.
However, Binance is currently surrounded by controversies regarding money laundering and its BUSD stablecoin backing. As Blockchain Journal reported, a Bloomberg report claims that the Binance-peg BUSD was undercollateralized between 2020 and 2021. However, the exchange rejected the claims and said that there was no time when its BUSD was not fully collateralized.
