As companies reel out their 2023 goals, the world’s largest cryptocurrency exchange, Binance has stated that it plans to grow its workforce by 15 – 30%. This means that it could hire between 1200 and 2400 employees this year. Following Binance CEO’s revelation at a conference in Switzerland, Binance also secured regulatory approval in Sweden.
Binance’s plans to expand come amid massive layoffs across the crypto sector.
CZ disclosed that in spite of the market turbulence last year, the exchange expanded its manpower by 167%—from 3000 to 8000. Therefore, the mass hiring in this new year will be an extension of 2022’s as the company plans to improve its efficiency. Part of this improvement will include upgrading its technology and customer care support. This will also help the exchange as it spreads its tentacles to Sweden.
Binance Gains Regulatory Approval in Sweden
The Swedish Financial Supervisory Authority (FSA) granted regulatory approval to Binance on Wednesday. The approval was granted specifically to Binance Nordics AB, meaning that the subsidiary can operate as a financial institution for management and trading in virtual currency.
Speaking on the authorization, Richard Teng, Binance’s Head of Europe and MENA said that the approval demonstrates the exchange’s commitment to upholding global standards by cooperating with regulatory agencies. He also pointed out that the approval came after months of hard work and indicates Binance’s commitment to the Swedish market.
This regulatory approval grants Swedish residents access to a range of services from Binance including euro deposits and withdrawals, trading, and staking. They can also have a Binance Visa card. Furthermore, Binance stated that Swedish users can access most of its available products like Binance Earn and Binance Pool.
With the FSA’s approval, Sweden becomes the seventh EU member state to authorize Binance to offer cryptocurrency services within its jurisdiction. Other countries include France, Poland, Italy, Spain, Cyprus, and Lithuania.
Binance: An Exchange Primed to “Stay Ahead”
Though the company has grown to become the biggest crypto exchange within its six years of existence, it does not plan to rest on its oars. In CZ’s words,
We have one business that is pretty big, pretty profitable but it is not going to last forever . . . we don’t want to become the Kodak. We want to disrupt ourselves rather than other people disrupting us.”
In line with this purpose, CZ revealed that he and his team will launch a decentralized exchange that will be bigger than Binance in 10 to 15 years.