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Bloomberg
This year’s cryptocurrency crash has saddled bulls with billions of dollars in losses, but the world’s largest virtual currency exchange is still making money hand over fist.
Binance expects a net profit of $500 million to $1 billion in 2018, according to its chief executive officer. First half revenue was about $300 million, Changpeng Zhao said. Average daily turnover at his venue, which opened a year ago, is roughly $1.5 billion, and Binance now has 10 million users, he said.
Zhao’s figures illustrate how some cryptocurrency exchanges are thriving despite a rout in digital assets that’s seen Bitcoin lose 52 percent of its value this year as buyers pull back, venues are hacked and regulators increase scrutiny.