Binance to Increase Workforce by 30% Ahead of Sweden Expansion
- Binance founder and CEO Changpeng Zhao confirmed that his company is planning to expand its staff by between 15-30% in 2023.
- Zhao said that his exchange is profitable after it increased headcount in 2022 from 2,000 to over 8,000 as the year ended.
- The Swedish Financial Supervisory Authority has registered the firm as a financial institution for management and trading of crypto.
- The exchange is working with regulators to “uphold global standards,” as per Binance‘s Head of Europe and MENA, Richard Teng.
While the crypto community is losing hope in many once-reliable exchange platforms amid this winter season, the world’s largest crypto exchange Binance continues to maintain its position at the top. According to recent statements by the exchange’s founder and CEO, Changpeng Zhao, also known as “CZ,” his company is planning to expand its staff by up to 30%.
Speaking at a crypto-focused event in St. Moritz, the CEO said that the exchange is very profitable and displayed his hopes for it to expand its team by 15% to 30%.
It is interesting to note that Binance has increased its headcount from 3,000 at the beginning of 2022 to around 8,000 as the year ended. What is also intriguing is that CZ predicted that a decentralized exchange larger than Binance will exist in the next 10 to 15 years.
Zhao stated that his exchange is constantly working on finding ways to diversify and expand its operations, keeping in mind that what is hot today might not interest people in the future.
Binance’s expansion in Sweden
The crypto market has caused serious trouble for some of the biggest crypto exchange platforms. While some like Coinbase and Crypto.com have slashed their headcounts and decreased their operating costs this crypto winter, others like FTX have even filed for bankruptcies.
However, as Binance founder already hinted last year, his exchange is continuously taking advantage of the prolonged bear market to expand its operations around the world. The Swedish Financial Supervisory Authority has recently registered the exchange as a financial institution for management and trading in virtual currency in the nation.
Notably, the Scandinavian country is the seventh in the European Union to grant an exchange license, with the other six being France, Italy, Spain, Poland, Cyprus, and Lithuania.
On January 11, CZ’s exchange announced that its Swedish subsidiary, Binance Nordics AB, had received this green signal from the local authorities after “months of constructive engagement.” The announcement reads:
“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.”
According to Binance’s Head of Europe and MENA, Richard Teng, the latest approval shows the company’s dedication to working with regulators to “uphold global standards.” He added:
“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.”
As part of its massive expansion plans, Binance is also “building a compliance team” that would aim to help the company obtain a license in Germany, according to CZ.