Binance expects to finish 2020 with a profit of $1 billion

For 2020, the cryptocurrency exchange Binance is expected to post a profit of between $800 million and $1 billion, Binance CEO Changpeng Zhao told Bloomberg.

According to the publication, last year this figure stood at $570 million.

Spot trading volume on Binance over the last 24 hours surpassed $5.7 billion, well above the metrics of its closest rivals Coinbase Pro, Kraken and Bitfinex.

Data: CoinGecko.

Binance also leads the futures market — over the last 24 hours, derivatives trading volume exceeded $13 billion, and open interest surpassed $2.1 billion.

Data: CoinGecko.

According to Bloomberg, Binance’s future success depends on how the exchange can establish a dialogue with regulators.

“We have always worked closely with regulators and law enforcement authorities around the world,” Zhao said.

Earlier this year, the head of Binance was named among the 50 people, significantly changed the world in 2020.

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