Cryptocurrency exchange Binance generates 90% of its revenue from transaction fees, CEO Changpeng "CZ" Zhao said in a recent TechCrunch interview posted on YouTube.
He added that Binance had removed all ads from data site CoinMarketCap, which it acquired in 2020, to make for a cleaner experience.
"We can turn that back on, that’ll give us $40 million a year. But we don’t need to today," Zhao said.
Binance's revenue is estimated to be around $20 billion in 2021, according to a Bloomberg analysis.
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