Binance CFO Says Firm is Open to Acquisitions, Remains Profitable

Cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Binance is still profitable, despite the recent downturn in the digital assets market.

That's according to the company's Chief Financial Officer (CFO), Wei Zhou, who gave the news to US outlet CNBC on Thursday.

"To date, even in this bear market, we still run a profitable business," the exchange CFO told the American outlet.

Binance, which is the world's largest Cryptocurrency Exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term by trading volume, was able, by some estimations, to rake in close to half a billion dollars in profit last year.

The exchange does not publicize its finances but, in July of last year, Chief Executive Officer Changpeng Zhao said Binance was aiming to make between $500 million to $1 billion in profit over the course of 2018.

Binance open to acquisitions

Wei Zhou was brought in by Binance to manage the cryptocurrency exchange's finances in September of last year.

His appointment elicited some excitement as the CFO has extensive experience in both taking companies to initial public offerings and mergers and acquisitions.

Before joining the cryptocurrency exchange, Wei Zhou worked on the acquisition of dating application Grindr by Beijing Kunlun Tech. He also worked on the initial public offerings of Zhaopin, a recruitment website, and Charm Communications, a television advertising company.

For now, it seems unlikely that Binance is going to be listed on any stock exchanges.

But Wei Zhao did say that the cryptocurrency exchange is "always on the lookout for high quality products."