It may have been a torrid year for investors in cryptocurrencies, but recent comments from the main main of Binance – currently the world’s biggest crypto exchange by trade volume – show that it’s still making a pretty penny, and that it expects business to improve.
The founder and CEO of cryptocurrency exchange Binance, Changpeng Zhao, has told a Bloomberg interviewer that he expects it to turn a a net profit of between $500 million to $1 billion by the end of 2018. After coming online in July of 2017, following a $15m ICO for its own Binance Coin, turns over something in the region of $1.5bn per day in trades and now has around 10 million users.
Despite a couple of well publicised problems during 2018 – including two issues regarding exploitation of its API system in pump and dump scams that have also relied on compromised Binance customer wallets – Zhao’s creation has continued to thrive even as Bitcoin et al have languished at around a third of their values in late 2017. Binance Coin (BNB) has also performed admirably, currently standing at Ƀ 0.002037, around $13, as the world’s 24th most traded coin over the last 24hrs according to CryptoCompare.
As regular readers of our daily market report will know, though, BNB has been within the Top 10 on daily volume several times over the last couple of weeks, as traders take advantage of the lower charges it incurs for their activities. It is also one of only a handful of coins that that gotten this far into 2018 worth considerably more than it was at the start, having stood at Ƀ 0.0006307 (then worth around $8.50) on January 1st. It did, however, peak at over $20 in early January.
Binance has many plans for the rest of the year, including a transfer of part of its business to Malta, and the implementation of EUR trading pairs, thanks to its well-advanced to receive an exchange licence from Jersey, meaning that European users will be able to deposit and withdraw fiat currency from their Binance accounts, without having to transfer money elsewhere as they currently have to.