The collapse of the cryptocurrency market this year has brought bulls multibillion-dollar losses, but the world's largest crypto platform continues to make money.
Binance expects net income for 2018 to be between $500 million and $1 billion, according to its chief executive. Net revenue for the first half of the year was $300 million, with 10 million users trading more than $1.5 billion daily.
These figures illustrate the fact that, despite the apparent decline in the price of cryptocurrencies, constant hacks, and increased regulatory scrutiny, some crypto exchanges manage to make huge profits. Binance, which has already held necessary discussions with the authorities of Japan and Hong Kong, soon plans to open a service for converting virtual tokens into fiat in Uganda, Bermuda and Malta.
Binance CEO Changpeng Zhao said that in January this year the platform had only 2 million users. The exchange was launched in July 2017 after raising $15 million in ICO. At the peak of the popularity (and value) of cryptocurrencies, the exchange traded $11 billion daily.
At the moment, Binance is in first place in the rating of Coinmarketcap exchangers.
According to bloomberg.com
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