The chief financial officer (CFO) of the world’s largest crypto exchange by daily trading volume — Binance — has claimed that business remains profitable, despite the bear market.
The CFO, Wei Zhou, expressed his sentiments in an interview with CNBC on February 14.
With Bitcoin (BTC) lagging below $4,000 for the past ten weeks — and trading around 82 percent lower than its all time price high of $20,000 to press time — Zhou said that the exchange’s profitability is not relying on the broader market picture.
“To date, even in this bear market, we still run a profitable business,” the Binance boss said.
According to the CNBC report, Zhou joined Binance in September 2018, having worked before as CFO for Chinese jobs site Zhaopin and TV advertising firm Charm Communications, both of which went public under his leadership.
Queried whether Binance could avail itself of Zhou’s experience to seek its own initial public offering, the CFO said there were no plans at the moment for such an undertaking.
Binance does not publicly release its financial numbers, yet several suggestions have been given that point to the business thriving, even before Zhou’s proclamation.
Last November, CEO Changpeng Zhao — better known in the industry as CZ — said the firm was not wary of the bear market-induced plunge in trade volumes, saying that volumes remain far above those of “two or three years ago.”
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