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Binance estimated to scale to $1 Billion in profits this year

Blockchain Companies

The World’s largest cryptocurrency exchange Binance expects to reach profits between $500 million and $1 billion this year, according to an interview by Bloomberg with CEO Changpeng Zhao on July 6th.   

Changpeng Zhao, the CEO of Binance
Image Source: Trustnodes

Binance’s Scalability

Binance has scaled to around 10 million users currently up from 2 million users at the beginning of 2018 and has an estimated daily turnover of around $1.5 billion.

During the peak ATH of cryptocurrencies last December, the exchange hosted as much as $11 billion worth of trades every day and continues to top Coinmarketcap.com’s ranking of exchanges.

Expansion to Malta

Binance has been making a long list of announcements lately eyeing expansion and opened up offices in Malta earlier in March due to regulatory pressure from Asian governments. The Maltese government has also been quick to release their statements of support to Binance as highlighted in this Twitter post from the Prime Minister of Malta, Joseph Muscat, a few months back in April this year.

 

Impressive Performance of BNB

Moreover, Binance’s very own cryptocurrency, BNB, has also seen impressive performances over the past few months amidst a relatively bearish cryptocurrency global market.

It is currently at the 17th position of the largest cryptocurrencies with a market cap of over $1.5 Billion and has registered a 3% increase over the last 24 hours sitting at $14.29 USD at the time of writing.

Source: Coinmarketcap.com

The Future of Binance

Amidst the recent Binance Syscoin (SYS) hacking speculation that lead to the theft of a rumored 7,000 BTC and the general furore against centralized cryptocurrency exchanges following the founder of Ethereum, Vitalik Buterin’s public statement criticizing them, a lot is left to see the future of Binance and how they create an action plan to sort out all the inefficiencies associated with them.

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