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

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