The largest crypto exchange Binance has reached another EU regulation milestone after receiving regulatory approval from the Swedish Financial Supervisory Authority to operate as a financial institution.
In an official statement, the crypto exchange said that the approval would allow citizens of Sweden to buy and sell crypto in the country using the exchange. Binance has been expanding its brand across Europe by getting the permission of different countries in the European Union.
Sweden became the seventh EU country from which Binance has obtained regulatory approval to operate. The list of other countries and details about the regulatory approval can be found on their Licenses, Registrations, and Other Legal Matters page. Binance announced the news on its website and highlighted the details behind the regulatory approval.
"Binance is pleased to announce that Binance Nordics AB has been granted registration as a financial institution for management and trading in virtual currency by the Swedish Financial Supervisory Authority (Swedish FSA). This follows months of constructive engagement with the regulator. Binance Nordics AB holds registration number 66822," Binance said in a blog post.
Binance also mentioned that buying crypto in Sweden won't be the only service that will be available to the citizens of Sweden. The exchange said that euro deposits and withdrawals would be part of the services offered in Sweden.
"As the world’s largest digital asset exchange, this registration means that Swedish residents will now be able to access Binance’s broad range of crypto and Web3 services, including popular euro deposits and withdrawals, crypto buying with euro, trading, staking and the Binance Visa Card*," Binance said.
Binance Working on Global Adoption
The latest news of Binance EU regulatory approval in Sweden is another completed goal in their objective to drive global adoption. The CEO of Binance, Changpeng Zhao, has always emphasized his company will continue to drive the adoption of the exchange and cryptocurrency around the world.
Richard Teng, Head of Europe and MENA at Binance, confirmed that the exchange's regulatory approval received in Sweden is just one of the company's objectives.
"Binance continues to demonstrate its commitment to work closely with regulatory agencies to uphold global standards. Our registration in Sweden is the result of many months of diligent, hard work from our team, underpinning our commitment to the Swedish market and our users. We are deeply grateful for the support from the Swedish Financial Supervisory Authority throughout the application process and for the approval. Sweden is now amongst the growing list of global jurisdictions that have granted regulatory approval to Binance," Richard Teng said.
Hiring Amidst Layoffs
Binance is the opposite of what is happening in the crypto industry. Apart from driving global adoption of their exchange and cryptocurrency, the exchange is doing the opposite of what other crypto companies are doing.
Many crypto companies are laying off their workers with the declining global economy and the turmoil in the crypto market. Recently, Coinbase announced that about 950 employees would be relieved of their jobs.
However, on the part of Binance, they are hiring more staff when other crypto exchanges and companies are laying off theirs. During a press conference, the CEO said he hopes the company hires enough staff before the next bull market.
"We will continue to build and hopefully we will ramp up again before the next bull market," Changpeng Zhao said.