Despite the rout in cryptocurrency market, Binance is slated to register a profit of between $500 million to $1 billion in FY 2018. According to Binance chief executive Changpeng Zhao, it recorded revenue of $300 million in the first half of this year. As of now, the platform is having an average daily turnover of $1.5 billion with around 10 million registered users. It has also opened an office in Uganda and Malta where it is providing crypto to fiat trading.
Binance started operation in July 2017 after raising $15 million through an initial coin offering. During the peak of the bitcoin price, last December binance was processing around $11 billion worth of trades.