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Binance Generates 90% of Revenue From Transaction Fees, Changpeng Zhao Says
Reinstating ads on CoinMarketCap would add $40 million a year.
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.
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"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
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
