Binance Extends Its European Compliance Footprint

After several months of engagement with the Swedish FSA, Binance Nordics AB has been granted registration as a financial institution for management and trading in virtual currency. The company’s registration number is 66822. Despite recent widespread concern about crypto exchange reserves, triggered by the collapse of FTX, Binance has continued with its global compliance push.

Sweden now become the seventh EU Member State in which Binance has been granted authorisation – along with France, Italy, Lithuania, Spain, Cyprus and Poland. The registration means that Swedish residents will now be able to access an extended selection of Binance’s crypto and Web3 services.

With regulatory approval achieved, Binance products available in Sweden include: crypto buy/sell with EUR, spot trading, margin trading, staking through Binance Earn, Binance Pay, Binance Pool, NFT marketplace, fan tokens, Binance Visa Card, crypto convert function, Launchpad, Launchpool, Savings, BNB Vault, auto-invest and Custody.

Binance Nordics AB head Roy van Krimpen, says the approval means Binance can now expand its ‘on the ground’ presence in the region. "Sweden fully adopts EU laws and has further local requirements,” he says, “so we have been careful to ensure that Binance Nordics AB has adopted risk and AML policies to match this exacting standard. Our next big task will be the successful migration and launch of local operations, including hiring of local talent, organizing more events and delivering more crypto education in Sweden."

Binance Joins Global Sanctions Body

In other compliance news, Binance has joined the Association of Certified Sanctions Specialists (ACSS), the global body formed to advance sanctions compliance by supporting the professional development of the individuals who lead those efforts. Formed in 2018, the ACSS’s membership is made up of financial institutions, international corporations, law firms, consulting companies, and government agencies.

In 2022, Binance grew its global compliance team from 500 to 750 people. Binance’s Head of Sanctions, Chagri Poyraz, says by working closely with the ACSS, Binance will take its sanctions compliance standards to a level that is recognized by a reputable industry association and provide upskilling opportunities for its compliance team. The ACSS issues "Certified Sanctions Specialist" or CSS as a mark of distinction that shows individuals have had full sanctions compliance training.

“At the end of the day, we want to continue setting the industry standard for security and compliance alongside other industry players," says Poyraz.