Binance CEO: Business Still Good, Despite Exchange Volume Drop

Binance cryptocurrency exchange CEO Changpeng Zhao said that the company is not concerned over low trade volumes caused by the current market slump, according to an interview with CNBC Africa posted on YouTube Nov. 8.

Binance cryptocurrency exchange CEO Changpeng Zhao said that the company is not concerned over low trade volumes caused by the current market slump, according to an interview with CNBC Africa posted on YouTube Nov. 8.

Speaking on CNBC Africa’s “Crypto Trader” show, Changpeng Zhao — also known as CZ — said that the exchange is not worried by a volume drop of almost 50 percent since last month, when the market became “very stable.”

According to Zhao, Binance currently has one tenth of the trading volume it did in January 2018, but is still trading far above the volumes the exchange had “two or three years ago.” The business is “still profitable,” Zhao said.

When asked if Binance is still opening new accounts “at an accelerating rate,” Zhao said that the exchange is still signing up new users, but not as much as in January or February, which was “a very crazy period.”

In terms of the amount of cryptocurrency that Binance holds, Zhao stated that it is increasing very steadily, especially for Bitcoin (BTC) because “it is a constant volume coin.” Moreover, the exchange is seeing an increase of customers depositing BTC. Zhao also suggested that markets are experiencing a slow down period.

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