Binance CEO Says Exchange’s 2018 Profits Could Reach $1 Billion

 

 

 

 

Binance CEO Changpeng Zhao suggested In a recent interview that his exchange’s profits for 2018 could be as high as $1 billion, according to Bloomberg. He noted that the exchange’s revenue for the first half of the year totaled some $300 million and said that he expects net profits to be at least $500 million for the year.

Zhao also reported that the exchange serves 10 million customers, and averages about $1.5 billion in turnover each day. Those numbers come at a time when Bitcoin’s value has declined by nearly two-thirds from the record highs achieved during the cryptocurrency bull run that peaked In December 2017.

Binance was launched by Zhao roughly one year ago, shortly after its initial coin offering raised $15 million. In the year since its launch, the Chinese-Canadian businessman’s cryptocurrency exchange has quickly grown to become the largest by trading volume in the world. Forbes Magazine estimates his net worth at $1.39 billion and has ranked him third on the magazine’s list of “The Richest People in Cryptocurrency.”

The company’s growth has come in spite of the 2018 downturn in the cryptocurrency markets, and reported conflicts with regulators in both Japan and Hong Kong. That friction reportedly contributed to Binance’s recent decision to open an office in the crypto-friendly nation of Malta.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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