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World’s Largest Crypto Exchange Eyes $1 Billion Profit Amid Rout

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.

  • Cindy Wang
  • Bloomberg

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 in an interview.

Zhao Changpeng, chief executive officer of Binance, speaks during a Bloomberg television interview in Tokyo, Japan, on Thursday, Jan. 11, 2018. Photographer: Akio Kon/Bloomberg
Zhao Changpeng, chief executive officer of Binance, speaks during a Bloomberg television interview in Tokyo, Japan, on Thursday, Jan. 11, 2018. Photographer: Akio Kon/Bloomberg

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…

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