The crypto exchange Binance had been registered as a financial institute in Sweden this week, announced the country’s financial watchdog on Thursday.
According to Per Nordkvist, deputy head of the Financial Supervisory Authority’s banks division, the registration allows Binance to launch a website in Swedish and market itself directly to consumers in the Nordic country.
Binance controls more than half of the global cryptocurrency trading market. It now has regulatory permissions or approvals in 15 jurisdictions, including several European Union states, Australia, and New Zealand, thanks to its registration in Sweden.
The company’s core business, the massive Binance.com exchange, processed over $22 trillion in trades last year.
Binance, which was founded in 2017 in Shanghai by CEO Changpeng Zhao, has refused to reveal its location.
A Reuters analysis of Binance’s corporate filings in 14 jurisdictions in December revealed that the Binance.com exchange is mostly hidden from public view.
The public filings, for example, do not reveal how much money flows between the units and Binance.com. According to the Reuters analysis, several of the units appear to be dormant.
Binance said in a statement shared by its CEO on Twitter on Thursday that with the latest registration, Swedish residents can legally access services such as crypto trading and withdrawing and depositing euros on the exchange.
However, according to Nordkvist, the company’s registration as Binance Nordics AB does not imply that it is fully supervised by the watchdog.
Companies that are registered, as opposed to licensed financial services providers, are required to provide the Swedish watchdog with information on anti-money laundering measures but little else.
“Binance continues to demonstrate its commitment to work closely with regulatory agencies to uphold global standards,” Richard Teng, Binance’s head of Europe and MENA, said in a blog post on Wednesday.
(Adapted from USNews.com)