Binance, the world’s largest cryptocurrency exchange, has received regulatory approval from the Swedish Financial Supervisory Authority to operate as a financial institution for virtual currency management and trading.

This marks a significant step forward for Binance’s expansion in Europe.

The approval means that Swedish residents will now have access to Binance’s crypto services, including the ability to make euro deposits and withdrawals.

Binance has been expanding its presence in Europe, having previously been granted approval by six other EU member states: France, Italy, Lithuania, Spain, Cyprus, and Poland.

Despite the ongoing layoffs affecting the Web 3.0 industry, Binance is ramping up its hiring efforts. The company plans to increase its headcount by 15-30% in 2023, according to CEO Changpeng Zhao.

In recent months, Binance has made several strategic acquisitions, including the Indonesian crypto exchange Tokocrypto in December and the regulated Japanese exchange Sakura Exchange BitCoin in November.

These latest developments demonstrate Binance’s ongoing commitment to expanding its global reach and further solidifying its position as a leading player in the cryptocurrency industry.

With regulatory approval in place, Binance is well-positioned to continue providing reliable and secure crypto services to customers in Sweden and throughout Europe.