Swedish Financial Watchdog Investigating Two Local Crypto Exchanges

The authority is examining how Safello and Goobit are implementing anti-money laundering rules.

AccessTimeIconOct 21, 2021 at 1:10 p.m. UTC
Updated May 11, 2023 at 3:42 p.m. UTC

Sweden’s Financial Supervisory Authority (FI) is investigating two local crypto firms, Safello and Goobit, according to an announcement on its official website.

  • FI said on Thursday it wants to know how local crypto firms are complying with the European nation’s anti-money laundering (AML) rules.
  • To that end, FI has picked what it calls two “market-leading” companies that have a combined market capitalization of over 570 million Swedish krona ($67 million).
  • According to the announcement, crypto firms act as a bridge between traditional finance and the digital asset sector, which has “a high risk of money laundering.”
  • “Therefore, FI has initiated investigations into how Safello and Goobit follow the money-laundering rules,” the announcement said.
  • FI reiterated that companies that offer virtual currency services are required to register with the agency as financial institutions to comply with the Act on Currency Exchange and Other Financial Activities (LVA)
  • Both Safello and Goobit are listed on Nasdaq’s First North Growth Market, an alternative marketplace of Nasdaq Nordic for small to medium-sized companies.
  • In May, Safello’s planned initial public offering (IPO) was oversubscribed by 1,240%.
  • At the time of reporting, Safello shares were down 6% while Goobit was down 9%.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.