Biggest Crypto Exchange Binance Profits Soar In Spite Of Market Drops

Binance, the world biggest cryptocurrency exchange, has informed today that they will be getting records gains of more than 500 million dollars this year, breaking all their records with an important rise in the number of active customers that use their trading platform. This was informed by their CEO, Changpeng Zhao in an interview with Bloomberg, showing that the cryptocurrency startup has been able to maintain profitability amongst one of the most difficult times of the market, that has lost more than 60% of its value since last December.
Binance, a Chinese founded exchange, has a trading amount of more than 800 million dollars daily according to the exchange aggregator site CoinMarketCap. The exchange was first based in China, but it moved their offices to Japan. Then it faced a controversy because of its operation without a license in Japan, something that even caused them to exit Jaan and consider moving their servers to Malta, a country that offered a favorable set of conditions.
But, in spite of all that, the exchange has managed to keep its relevance and has experienced a rise in its user base of more than 400%, from 2 million users early this year to the ten million users that it has today. This shows that traders are still confident in the possibilities of solid inversion that the market offers, and trust in Binance as one of the most secure platforms to do it. Their CEO also declared that they have projected their revenue to be between 500 million dollars and 1 billion dollars this year, a surprisingly high amount of money considering the state that the cryptocurrency market is in right now.
Binance is an example of how cryptocurrency related startups can be profitable if they focus on their core, rather than expanding unwisely. Binance next step is turning into a crypto to fiat exchange, this meaning that traders would be able to change their cryptocurrencies to fiduciary money in the same platform; and it is making advances in that way.

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