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.

Judge Dismisses Market Manipulation Suit Against Elon Musk; Ryan Salame's Plea Deal Saga

01:11

Breaking Down Bitcoin's Selling Pressure

28:01

Nansen CEO Reveals Top Crypto Projects to Watch

00:51

How Lower Interest Rate Could Impact the On-Chain Ecosystem

02:04

OpenSea Receives 'Wells Notice' From SEC; Telegram CEO Pavel Durov Indicted on 'Complicity'

"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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Binance Generates 90% of Revenue From Transaction Fees, Changpeng Zhao Says

Reinstating ads on CoinMarketCap would add $40 million a year.

Judge Dismisses Market Manipulation Suit Against Elon Musk; Ryan Salame's Plea Deal Saga