Binance Expands Amidst the Crypto Winter

Binance expands by getting a regulatory license in Sweden. The firm plans to hire up to 30% more staff while competitors lay off staff.

The Binance expansion continues throughout the challenging phase of the crypto winter. The firm announced that it got regulatory approval from the Swedish Financial Supervisory Authority.

Along with geographical expansions, the Changpeng Zhao exchange plans to increase its headcount by up to 30% while its competitors are on a layoff spree. Most recently, Coinbase laid off 950 employees. It has let go of more than 2000 staff since June 2022.

The Binance Expansion 

With regulatory approval from Sweden, Binance is now authorized in seven European Union Member States and 15 jurisdictions worldwide.

The registration will allow Swedish citizens to access Binance’s crypto and Web3 services, including euro deposits and withdrawals, crypto buying with euro, trading, and staking.

According to a CNBC report, Binance plans to increase the number of staff by 15% to 30% in 2023. Changpeng Zhao, at the Crypto Finance Conference in St. Moritz, Switzerland, said they increased headcounts from 3000 people to almost 8000 in 2022.

As of writing, Binance has 687 job openings on the website’s careers page.

25% of Changpeng Zhao-led Exchange’s Assets Withdrawn by Investors in two Months 

The FTX collapse impacted Binance, as the investors’ sentiments turned negative towards centralized exchanges. People were realizing, “Not your keys, not your Crypto,” and hence chose to take custody of their crypto assets in decentralized wallets.

In mid-December 2022, the exchange experienced a BUSD outflow of $3.5 Billion BUSD. Investors withdrew over $12 billion worth of assets from Binance, mainly consisting of BUSD and Binance coin (BNB). There were also concerns about the exchange not having a CFO.

However, Changpeng Zhao already warned the team of forthcoming challenges and assured them they would survive any crypto winters.

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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

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