Wei Zhou, the chief financial officer of Binance, the world’s largest cryptocurrency exchange by trading volume, said that the company remained profitable despite crypto winter. According to a February 14 report from CNBC, Zhou said that Binance’s profitability is not wholly dependent on the wider market picture.
However, Zhou did not disclose the exact amount the company made last year. The lack of financial data from the company has made it hard to estimate its profit, and media outlets have been publishing estimates based on publicly available metrics.
One report, by industry publication The Block, estimates the exchange made $446 million last year, CNBC wrote. The report is based on an analysis of how much the exchange spent to buy back units of its token, called BNB, using its net profits.
Changpeng Zhao, the founder, and chief executive of Binance, told Bloomberg in July 2018 that the company was targeting a net profit of between $500 million and $1 billion in 2018. An incredible feat, to say the least, for a company that was founded in July 2017.
The exchange’s trading volumes in 2019 aren’t even close to its highs in 2017 but are still the largest of any crypto exchange operating today. According to data from CoinMarketCap, Binance hosted $715 million in trades in the last 24 hours alone.