The Swedish Financial Supervisory Authority has registered Binance, the world’s largest cryptocurrency exchange, as a financial institution for managing and trading cryptocurrencies in Sweden. This is her seventh EU member state in which the platform has been granted such a license, after Italy, France, Spain, Poland, Cyprus and Lithuania.
Binance set to offer crypto services in Sweden
In a Jan. 11 press release, the company said financial regulators had awarded Binance Nordics AB registration status on Jan. 10 after “many months of constructive engagement” with Binance Nordics AB. . As a result of this ruling, residents of Sweden can now use Binance’s cryptocurrency services.
As Sweden has fully adopted EU law and has local requirements, we have taken care to ensure that Binance Nordics AB adopts risk and AML policies that meet this strict standard. Our next big task is to successfully transition and launch local businesses, including hiring local talent, hosting more events, and providing more crypto education in Sweden.
Roy van Krimpen, Regional Leader at Binance
This authorization allows local users to access its products and services, including buying cryptocurrencies in euros, withdrawing money in exchange for fiat currency, trading and staking.
According to Richard Teng, Binance’s Head of Europe and MENA, the latest registration demonstrates the company’s dedication to “maintaining global standards” in cooperation with authorities. He also added:
We are very grateful for the support from the Swedish Financial Supervisory Authority for the entire application process and approval. Sweden is currently one of the list of global jurisdictions that have granted regulatory approval to Binance.
Richard Teng
The Swedish financial regulator’s decision reinforces the exchange’s recent dominance in the crypto space. In the past, authorities in several countries, including the US, UK, Canada and Japan, have taken action against exchange operations and warned potential investors of the dangers associated with digital assets.
Entity’s entry into Europe was an important victory for the world’s largest cryptocurrency exchange by trading volume, especially in light of the challenges it faced following the Terra Luna meltdown.
Binance Takes on Crypto Winter
While many crypto companies have announced job cuts and other cost-cutting measures to survive the crypto winter, Binance plans to expand its operations and hire more employees. .
Binance CEO Changpeng Zhao (CZ) said the exchange hopes to increase its workforce from 15% to 30% in 2023, according to a CNBC report. This means that the company’s headcount will grow from his 3,000 in 2021 to over 8,000 by the end of 2022.
According to CZ, the hiring plan is part of the company’s efforts to be “well organized” before the next crypto bull market, and CZ said the exchange is currently “not very efficient.” ” he admitted.
We will continue to build and hopefully rise again before the next bull market.
Zhao Changpeng
This announcement from CZ comes at a time when some of the other exchanges in the industry are cutting headcount and expenses. This includes his 30% cut in Kraken’s staff in November, and his Huobi and Coinbase announcements that he will lay off 20% of his workforce in 2023.
This is the second layoff in the past year, and the company also announced it would cease operations in Japan in a cost-cutting move.
