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Binance CFO: Surge in OTC Trades Drove Near $80 Million Q1 Profits
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Binance CFO: Surge in OTC Trades Drove Near $80 Million Q1 Profits
A huge surge in over-the-counter (OTC) trading popularity drove major cryptocurrency exchange Binance’s $78 million Q1 profits, crypto news outlet Decrypt Media reported on April 17. Speaking in an interview, CFO Wei Zhou said OTC, which is a method of wholesale cryptocurrency trading for large-scale investors, accompanied a volume uptick as bitcoin (BTC) rose almost $1,300 at the start of this month. “This was mainly due to the increase in price of Bitcoin and altcoins over the past few months.
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