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Business

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

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

By Jamie Crawley
AccessTimeIconDec 7, 2022 at 10:32 a.m. UTC
Updated Dec 7, 2022 at 4:09 p.m. UTC
CDCROP: CZ aka Changpeng Zhao CEO of Binance at Consensus Singapore 2018 (CoinDesk)

Changpeng Zhao, CEO of Binance, at Consensus Singapore 2018 (CoinDesk)

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Jamie Crawley is a CoinDesk news reporter based in London.

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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.

Read more: Binance Exec Says Firm's 'Centralized Exchange' May Not Be Around in 10 Years


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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Jamie Crawley is a CoinDesk news reporter based in London.

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