Leading cryptocurrency exchange Binance expects a net profit of up to $1 billion USD this year. The trading platform has already registered about $300 million of revenue in the first half of 2018 and a five-fold increase in the number of users. The data demonstrates a serious growth for Binance which is taking steps to expand globally.
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Binance CEO Claims 10 million Users
In a year with significant losses incurred by investors, Binance, the world’s largest cryptocurrency exchange by trade volume, has already made some $300 million dollars of revenue. Moreover, according to CEO Changpeng Zhao, the trading platform expects to accumulate a net profit of $500 million to $1 billion USD for the whole 2018.
Changpeng Zhao
The average daily turnover at Binance, which was launched about a year ago, is around $1.5 billion, its founder and chief executive revealed. Quoted by Bloomberg, Changpeng Zhao also said that his platform now has 10 million users. Their number has increased from 2 million at the beginning of 2018, as announced earlier.
The data shows that Binance has experienced serious growth since it started operations in July last year, after conducting an Initial Coin Offering that attracted $15 million worth of capital. Trading on the platform peaked along with the prices of cryptocurrencies towards the end of 2017, when the exchange was registering up to $11 billion of trades daily.
Global Expansion in Search for a Better Home
Binance was founded in China but left the country before the ban on crypto trading imposed by the Beijing authorities went into effect in September last year. The exchange moved its headquarters to Japan and earlier this year it opened an
