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Binance Suspends Product and Service Offerings in Norway

Binance Suspends Product and Service Offerings in Norway
  • Binance suspended product and service offerings in Norway immediately.
  • Also, it is discontinuing Norwegian from its website’s language options.

Binance, the largest crypto exchange by market cap, announced that it suspended its services in Norway. Also, the firm is discontinuing Norwegian from its website’s language options. 

Lately, the crypto exchange is under pressure around the world regarding regulations. As a result, Binance said it no longer offers some products and services in the Norwegian market.

According to Binance, the world’s leading crypto exchange in terms of daily trading volume, the changes come into effect “immediately.” The team announced the news on Friday, August 27, on their website.

As per the announcement, Binance said it also suspended Norwegian language website support. In addition, it stated that it does not maintain any official Telegram or other online news channels in Norwegian.

For instance, Binance noted it welcomes progress to the regulatory framework for the crypto industry as it poses chances for the market players to have greater collaboration with the regulators. Looking at this angle, the team said,

We are committed to working constructively in policy-making that seeks to benefit every user.

Recently, the Financial Supervisory Authority of Norway (Finanstilsynet) warned about the risks of crypto investing and trading. As per the regulator, crypto exchanges should comply with its anti-money laundering (AML) rules. What is more, it added the need for a complete legal framework.

Last week, De Nederlandsche Bank, the central bank of the Netherlands, warned Binance Holdings Limited and its entities offering crypto services to local residents.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.