Binance CEO Changpeng Zhao addresses the revenue that the exchange is getting. Check out the latest tweet shared by the most important crypto exchange out there.
Binance addresses its revenue
Here’s the tweet shared by Binance below.
Binance Generates 90% of Revenue From Transaction Fees, Says CEO, ChangPeng Zhao
We removed all ads on CoinMarketCap, it’s a much cleaner experience. But we can turn that back on, that’ll give us $40 million a year. But we don’t need to today,’ says CZhttps://t.co/YU2WT5DVWx
— BitKE (@BitcoinKE) December 7, 2022
Changpeng Zhao, has revealed the firm is in a strong economic position. On the other hand, they could decide to monetize its other products, including CoinMarketCap and TrustWallet if crypto winter persists.
According to Zhao, Binance generates around 90% of its revenue from transaction fees on the crypto exchange, fees which change depending on the price of Bitcoin.
CZ revealed this as he answered questions in a video interview where he distinguished his ‘profitable’ business from FTX, going further to highlight extra sources of revenue Binance could ‘turn on.’
Zhao said that the site was making $3 million per month in ad revenue back in 2020, but they stopped the ads.
“We removed all ads so there are no banners, no pop-ups, it’s a much cleaner experience. But we can turn that back on, that’ll give us $40 million a year. But we don’t need to today, we have many products we provide for free just to increase the speed of adoption. But if we want to monetize those, we could.”
The Binance CEO also said that while the collapse of FTX negatively affects the crypto sector in the short-term, over time, it will help to create a more responsible and transparent sector, and all this will turn out to be for the best.
Stay tuned for more crypto news, and make sure to keep your eyes on the market.