Top Cryptocurrency Exchange Binance’s CFO: Business Still Profitable, Despite Bear Market

Chief Financial Officer of Binance Cryptog Company - currently the world's largest trading daily - said his business is still profitable, despite the fall in the market. Chief Financial Officer Wei Zhou said it in an interview with CNBC on February 14th.

While Bitcoin (BTC) lagged behind $ 4,000 in the past ten weeks and traded for around 20% below the $ 20,000 record, Zhou suggested that the stock market's profitability did not entirely depend on the overall market situation. "To this day, even in this bear market, we are doing a profitable business," he said.

According to the CNBC, Zhou joined Binance in September 2018 after working as a financial director for the Chinese business Zhaopin and for the television advertising of Charm Communications, both of which were published under his authority.

Asked whether Binance could take advantage of Zhou's experience in launching his public offering, the financial director replied that such plans were not in the short term.

Specifically, Binance does not publicly disclose its financial information. However, many indications are suggesting that work is progressing before Zhou's statement.

Last November, Changpeng Zhao, CEO of Binance - better known in the industry as CZ - said the company was not worried about reducing the volume of trading triggered by the stock market, pointing out that volumes were much higher than those "two or three years ago." Similarly, he said that Binance's business was "always profitable."

Last summer, CZ announced that Binance's revenue in the first half of 2018 was about $ 300 million - again despite the market values ​​of the bear. He predicted that net earnings would reach between $ 500 and $ 1 billion by the end of the year.

Despite the apparent health of Binance, other companies in the sector are under pressure from the long-term crisis in the market.

This week, an experienced venture capital venture partner has predicted a downward trend in risk assessment in the cryptographic space, "given the drop in the volume recorded last year." Global Investment Bank analysts JPMorgan Chase highlighted the perverse impact of the gold market on the interest of potential institutional investors.

Others, including lenders in this sector, are more resistant to the crisis, as the bear market is expected to support the growth of credit crunch creditors.

According to CoinMarketCapu, Binance recorded transactions of around $ 546 million for 24 hours, down by almost 25% during the day.


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