Binance is making a foray into Sweden after the country’s Financial Supervisory Authority gave the crypto exchange’s Swedish subsidiary permission to administer and trade crypto currencies, the company announced on January 11.
The FSA has recognized Binance Nordics AB’s registration as a financial institution, making it the seventh European nation to license the cryptocurrency exchange.
This latest approval for the crypto exchange means that Swedish people can utilize all of its functions, including trading cryptocurrencies and making deposits and withdrawals in euros.
In addition to numerous other services, Swedish customers will now have access to Binance’s staking service and Visa card.
Binance Expands In Europe
According to a news statement, six additional European Union member nations — Cyprus, Italy, France, Lithuania, Spain, and Poland – have previously granted Binance approval.
The latest registration, according to Richard Teng, chief of Europe and MENA at Binance, illustrates the company’s dedication to working with regulators to “maintain global standards.”
“We are extremely grateful to the Swedish Financial Supervisory Authority for their assistance throughout the application process and for their approval. Sweden has joined the expanding list of foreign jurisdictions that have awarded Binance regulatory permission.”
The cryptocurrency exchange is currently licensed in 15 jurisdictions and services users from over 140 countries.
Binance CEO Changpeng Zhao stated at the Crypto Finance Conference in St. Moritz on Wednesday that the cryptocurrency exchange aims to maintain its scaling plans, with the aim of boosting its staff by 15% to 30%.
Last year, the crypto exchange grew from 3,000 to 8,000 employees, according to Zhao. This would be in stark contrast to many of the exchange’s peers, which have been reducing their personnel counts in recent months, a pattern that is likely to continue this year.
Authorities in various nations, like the United States, the United Kingdom, Canada, and Japan, have previously clamped down on the operations of the exchange and warned potential investors about the hazards associated with digital assets.
Acquisitions And Growth
On Tuesday, a U.S. judge authorized Binance.US to acquire over $1 billion in assets from Voyager Digital, which filed for bankruptcy in July. Prior to Voyager’s insolvency in November, FTX had intended to absorb its assets, but now they’re once again available.
In December, the company purchased the Indonesian cryptocurrency exchange Tokocrypto, and in November, it rejoined to the Japanese market by acquiring the regulated cryptocurrency exchange Sakura Exchange BitCoin.
Binance is presently the largest exchange in terms of trading volume, as it has processed $7 billion worth of crypto exchanges in the past 24 hours. It is likely able to hire aggressively despite the fact that its competitors are exercising caution.
Earlier this year, CZ stated that the company is “establishing a compliance team,” which might aid the company in securing a license in Germany, Europe’s largest economy.
-Featured image by National Geographic Kids
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