Cryptocurrency exchange Binance “expects” profits to reach $1 bln in 2018, CEO Changpeng Zhao told Bloomberg in an interview today, July 6.
Speaking as his platform recovers from a week of technical difficulties which saw trading temporarily suspended, Zhao revealed figures that defied the idea crypto exchanges’ success depends on market prices.
Despite Bitcoin (BTC) trailing below $7,000 for almost the past month, Binance’s first-half revenue came out to be around $300 mln, Zhao told reporters.
Binance, which regularly tops the leaderboard for the world’s largest daily crypto trading volumes, is currently in the number one spot with about $1.2 bln in trades over the past 24 hours to press time.
Those huge profits are fuelling an ambitious expansion scheme which will shortly see the exchange serving markets such as Uganda and Bermuda, having relocated to Malta earlier this year. The platform’s user base currently numbers around 10 mln, Zhao added.
Its plans are not without competitors, other major exchanges including Huobi and Coinbase also embarking into new jurisdictions. Huobi launched in Australia July 5, with plans for its London-based operations to commence trading in Q3 and U.S.-based operations in the near future. Coinbase meanwhile is eyeing Japan and securing a U.S. banking licence, Cointelegraph reported recently.
By William Suberg