Binance obtains approval in Sweden to fuel Europe expansion
TL;DR Binance has received regulatory approval from the Swedish Financial Supervisory Authority to operate as a financial institution to manage and trade in virtual currency, as part of its expansion in Europe. Binance has been growing in Europe, recently getting the nod from six other EU member states. The exchange also plans to increase its headcount by 15-30% in 2023 and has acquired crypto exchanges in Indonesia and Japan.
Binance, the world’s largest cryptocurrency exchange, has received regulatory approval from the Swedish Financial Supervisory Authority to operate as a financial institution to manage and trade in virtual currency, as part of the exchange’s continuing expansion in Europe.See related article: Binance says it plans to expand hiring by as much as 30% in 2023 as rivals cut jobsFast factsBinance said in a Wednesday statement that the latest registration means that Swedish residents can access the company’s crypto services, including euro deposits and withdrawals.Binance has been growing in Europe, previously getting the nod from six other European Union member states — France, Italy, Lithuania, Spain, Cyprus and Poland, according to the statement.Binance has entered a fresh hiring spree despite waves of layoffs plaguing the Web 3.0 industry. The exchange plans to increase its headcount by 15% to 30% in 2023, Chief Executive Officer Changpeng Zhao said on Wednesday.In December, Binance acquired an Indonesia-based crypto exchange, Tokocrypto, and returned to the Japanese market in November with the acquisition of regulated crypto exchange Sakura Exchange BitCoin.See related article: Binance U.S. gets court approval to buy Voyager Digital for US$20 mln