Binance CEO Changpeng Zhao told Bloomberg that Binance has earned USD 300 million so far in 2018, and expects total profits of anywhere between USD 500 million and USD 1 billion by the end of this year. Additionally, he stated that Binance now has 10 million registered users, a statement which also implies that cryptocurrency trading continues to be extremely active and lucrative despite Bitcoin’s steep price decline during 2018.
Binance opened 1 year ago in July 2017, and since then its use has skyrocketed. It is consistently the top-ranked cryptocurrency exchange in the world with an average of USD 1.5 billion of trading volume per day. During the cryptocurrency craze that saw Bitcoin hit record values near USD 20,000, Binance recorded peak daily volume of USD 11 billion.
Binance has experienced quite a bit of legal trouble from governments and was forced to move out of China after the September 2017 cryptocurrency ban. Since then there have been additional legal problems from government authorities in Hong Kong and Japan. This has caused Binance to expand globally so that it can survive. In Malta, Binance received a warm welcome and was able to acquire a bank account, and now Binance is using this bank account to launch fiat to crypto exchanges across the world.
Binance Uganda is already launching and will be trading cryptocurrency for the UGX, and Changpeng Zhao says fiat to crypto exchanges based in Malta and Bermuda are coming soon. Changpeng Zhao thinks that opening more fiat to crypto channels will help increase cryptocurrency prices by providing new routes for fiat money to enter the market.
Ultimately Binance is looking to launch a completely decentralized exchange built on the blockchain, and this will allow for the trading of any cryptocurrency anywhere in the world regardless of government regulations. This is perhaps not surprising since Binance was forced out of its native country of China. Changpeng Zhao foresees that decentralization is the only way to 100% guarantee Binance’s survival. Huobi, which is a major cryptocurrency exchange that was also forced out of China, is also developing a decentralized blockchain-based exchange platform.
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