Changpeng Zhao: Binance Earns 90% Of Revenue From Transaction Fees

Zinger Key Points
  • Binance CEO says trading fees account 90% of the exchange's revenues.
  • Advertising on data website Coinmarketcap could bring in an additional $40 million a year, according to Changpeng Zhao.
Changpeng Zhao: Binance Earns 90% Of Revenue From Transaction Fees

Binance BNB/USD CEO Changpeng Zhao has said that transaction fees account for 90% of the company's earnings.

In order to provide a cleaner experience, Binance had eliminated all advertisements from the data site CoinMarketCap, which it had purchased in 2020, Zhao says.

"We can turn that back on, that’ll give us $40 million a year. But we don’t need to today," Zhao told TechCrunch. Binance's 2021 income was reportedly $20 billion.

See Also: Why Cold Crypto Wallets Trending Again — Are They The Best Way To Store Cryptocurrencies?

Recently, the crypto exchange announced the appointment of accounting firm Mazars to verify its proof of reserves (PoR), weeks after the collapse of Sam Bankman-Fried's crypto exchange FTX.

Mazars is the accounting and auditing firm that worked for former U.S. President Donald Trump.

In response to the failure and bankruptcy of FTX FTT/USD, Binance introduced a PoR procedure and mechanism, and one of several steps taken by Binance to demonstrate its transparency was the publication of Merkle Tree-backed proof of funds for Bitcoin BTC/USD on Nov. 25.

Next: Maple Finance Severs Ties With Orthogonal Trading For 'Hiding' FTX Exposure

 

Posted In: BinanceChangpeng ZhaoFTXSam Bankman-FriedCryptocurrencyNewsTop StoriesMarkets