Swedish Financial Supervisory Authority examines Safello and Goobit

The Swedish Financial Conduct Authority (FI) has published
information about what will investigate the activities of two local cryptocurrency companies Safello and Goobit. Safello is a cryptocurrency exchange for European users, and Goobit is a cryptocurrency and digital asset trading company. Their combined market capitalization exceeds $ 67 million.

The agency will review whether companies are complying with anti-money laundering (AML) regulations. This is due to the fact that cryptocurrencies offer users greater anonymity and can be bought or sold without regard to national borders, without the need to contact intermediaries. Transparency of transactions is important to governments because they move quickly and therefore become even more attractive to criminals.

“To trade currencies, you need to be able to exchange assets for fiat money, which is also relevant in cryptocurrency trading in the real economy. Companies offering this type of exchange services may be especially susceptible to the actions of criminals who want to be able to hide their profits, ”it was reported.

In Sweden, under the Currency Exchange and Other Financial Activities Act (LVA), companies offering services related to cryptocurrencies must be registered as financial institutions. Both companies are listed on Nasdaq’s First North Growth Market, Nasdaq Nordic’s alternative marketplace for small and medium-sized companies. Following the release of the announcement, Safello’s shares dropped 5% and Goobit dropped 7%.