Binance CFO Says Firm is Open to Acquisitions, Remains Profitable

Wei Zhou also said that the company is open to acquiring other firms

Cryptocurrency exchange Binance is still profitable, despite the recent downturn in the digital assets market.

That’s according to the company’s Chief Financial Officer (CFO), Wei Zhou, who gave the news to US outlet CNBC on Thursday.

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“To date, even in this bear market, we still run a profitable business,” the exchange CFO told the American outlet.

Binance, which is the world’s largest cryptocurrency exchange by trading volume, was able, by some estimations, to rake in close to half a billion dollars in profit last year.

The exchange does not publicize its finances but, in July of last year, Chief Executive Officer Changpeng Zhao said Binance was aiming to make between $500 million to $1 billion in profit over the course of 2018.

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Binance open to acquisitions

Wei Zhou was brought in by Binance to manage the cryptocurrency exchange’s finances in September of last year.

His appointment elicited some excitement as the CFO has extensive experience in both taking companies to initial public offerings and mergers and acquisitions.

Before joining the cryptocurrency exchange, Wei Zhou worked on the acquisition of dating application Grindr by Beijing Kunlun Tech. He also worked on the initial public offerings of Zhaopin, a recruitment website, and Charm Communications, a television advertising company.

For now, it seems unlikely that Binance is going to be listed on any stock exchanges.

But Wei Zhao did say that the cryptocurrency exchange is “always on the lookout for high quality products.”

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