Binance is growing by obtaining a regulatory licence in Sweden. While competitors lay off employees, the firm aims to hire up to 30% more.
The Binance growth will continue despite the difficult crypto winter. The Swedish Financial Supervisory Authority granted the firm regulatory approval.
Along with geographical expansions, the Changpeng Zhao exchange intends to boost its headcount by up to 30%, while competitors are laying off employees. Coinbase recently laid off 950 employees. Since June 2022, it has laid off around 2000 employees.
Binance is currently authorised in seven European Union Member States and 15 countries worldwide, thanks to regulatory permission from Sweden.
Swedish individuals will be able to use Binance’s crypto and Web3 services, such as euro deposits and withdrawals, crypto buying with euro, trading, and staking, after registering.
According to CNBC, Binance intends to boost its workforce from 15% to 30% by 2023. Changpeng Zhao stated at the Crypto Finance Conference in St. Moritz, Switzerland, that headcounts had expanded from 3000 to around 8000 by 2022.
Binance currently has 687 job opportunities on its careers page as of this writing.
Binance suffered as a result of the FTX crash, as investor opinions shifted against centralised exchanges. People realised that “Not your keys, not your crypto,” and hence preferred to keep their crypto assets in decentralised wallets.
The exchange had a $3.5 billion BUSD outflow in mid-December 2022. Over $12 billion in assets were withdrawn from Binance by investors, the majority of which were BUSD and Binance currency (BNB). Concerns were also raised concerning the exchange’s lack of a CFO.
Changpeng Zhao, on the other hand, had already warned the crew of impending difficulties and promised them that they would endure any crypto winters.
