Safello, a Swedish-based bitcoin exchange, is extending its services to Norway and Denmark to allow users there to buy and sell bitcoin with local bank transfers.


Justcoin, a Norwegian bitcoin exchange, closed down in October 2014 after major Norwegian banks had apparently refused to serve bitcoin companies. Safello believes that it can fill in this gap.

"After the largest exchange in Norway shut down, we saw a steady amount of Norwegian customers sign up for our service. As part of our goal to strengthen our Nordic presence we set out to better serve them”, - the CEO, Frank Schuil, said.

Although they are regulated by the Swedish Financial Supervisory Authority, Safello has experienced problems with opening bank accounts in Sweden and abroad in the past. In January 2015, their UK bank account was closed without explanation after more than a month of operation. The UK is notorious for its banks’ unfavourable attitude towards bitcoin, although the regulatory climate remains bitcoin-friendly, according to entrepreneurs based in the country.