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Binance obtains approval in Sweden to fuel Europe expansion

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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 jobs

Fast facts

  • Binance 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

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