World’s largest crypto exchange eyes $1bn profit amid rout

This year’s cryptocurrency crash has saddled investors with billions of dollars in losses, but the world’s largest virtual currency exchange is still making money hand over fist.

Binance expects a net profit of $500 million to $1 billion in 2018, according to its chief executive officer. First-half revenue was around $300m, Changpeng Zhao said in an interview. Average daily turnover at his venue, which opened a year ago, is roughly $1.5bn, and Binance now has 10 million users, he said.

Zhao’s figures illustrate how some cryptocurrency exchanges are thriving despite a rout in digital assets that’s seen Bitcoin lose 52 per cent of its value this year as buyers pull back, venues are repeatedly hacked and regulators increase their scrutiny.