Changpeng Zhao: Binance Earns 90% Of Revenue From Transaction Fees

Binance BNB/USD CEO Changpeng Zhao has said that transaction fees account for 90% of the company's earnings.

In order to provide a cleaner experience, Binance had eliminated all advertisements from the data site CoinMarketCap, which it had purchased in 2020, Zhao says.

"We can turn that back on, that’ll give us $40 million a year. But we don’t need to today," Zhao told TechCrunch. Binance's 2021 income was reportedly $20 billion.

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Recently, the crypto exchange announced the appointment of accounting firm Mazars to verify its proof of reserves (PoR), weeks after the collapse of Sam Bankman-Fried's crypto exchange FTX.

Mazars is the accounting and auditing firm that worked for former U.S. President Donald Trump.

In response to the failure and bankruptcy of FTX FTT/USD, Binance introduced a PoR procedure and mechanism, and one of several steps taken by Binance to demonstrate its transparency was the publication of Merkle Tree-backed proof of funds for Bitcoin BTC/USD on Nov. 25.

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