Despite the rejection from Finansinspektionen, BTCX continues operations as normal. The Swedish FSA has confirmed to Kaupr that transitional rules allow Goobit to remain open until July 23 – and an appeal could extend this further.
It drew significant attention when the Swedish Financial Supervisory Authority (FI/FSA) recently issued a general statement requiring unlicensed crypto companies to wind down their operations in the EU. Shortly after, the publicly listed Swedish company Goobit Group took to LinkedIn to reassure its clients that nothing is changing for the time being at their crypto exchange, BTCX.
"For the time being, nothing is changing:
You can log in to your account as usual. You can place your order as usual. Express, Standard & OTC are open, as usual, always. Our ambition to operate within a clearly regulated European framework remains, and we will communicate more information as soon as we know more. If you have any questions regarding this matter, you are always welcome to contact us."
This has left many wondering: How can BTCX continue operations when the FSA is demanding a wind-down?
Kaupr has put this question directly to the Swedish financial regulator. The response from Finansinspektionen shows that Goobit has the law on its side – at least for a few more weeks.
"Goobit is covered by the transitional provisions because the company applied for a MiCA license within the prescribed deadline. The company can continue to conduct its operations until the rejection decision becomes legally binding. In this case, it means that operations can continue until July 23, 2026," Finansinspektionen stated in an email to Kaupr.
Since Goobit submitted its application on time under the new European MiCA framework, they have retained the right to operate during a transitional phase. Even though the application has now been rejected, this right does not expire instantly.
The date of July 23, 2026, marks the formal deadline for when the FSA's decision becomes final and legally binding. However, the story does not necessarily end there.
If Goobit decides to appeal the rejection, a new legal pathway opens up to keep their doors open.
"If the rejection decision is appealed, the company may be allowed to continue conducting certain business while their appeal is being reviewed in court," Finansinspektionen explained to Kaupr.
Finansinspektionen thereby indicates in its response to Kaupr that an appeal does not automatically mean full "business as usual." They specify that the company may only be permitted to conduct "certain business" (viss verksamhet) while the court reviews the appeal. In practice, this could involve substantial limitations, such as bans on onboarding new clients or restrictions on the specific types of transactions or services that can be offered during the proceedings.
Regardless, this means that if Goobit files a formal appeal before July 23, they will likely petition the court for an injunction (known as inhibition in Sweden). If the court grants this, BTCX can continue parts of or all of its business while the legal process plays out – a process that could take many months.
For the time being, Nordic clients can use BTCX exactly as before. However, the main question now is whether Goobit will take the matter to court before the July 23 deadline, or if they will have to begin a controlled wind-down of their Swedish operations during the summer.
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