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CZ Binance to Reinvest Company's $1 Bln Cumulative Profit Rejecting Idea of Buying Lambo

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Fri, 10/18/2019 - 09:39
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Yuri Molchan
The head of Binance, Changpeng Zhao, refuses to buy a Lambo, while announcing $1 bln of cumulative profit and BUSD now being accepted for tax payments
CZ Binance to Reinvest Company's $1 Bln Cumulative Profit Rejecting Idea of Buying Lambo
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A recent tweet of Anthony Pompliano comments on CZ’s announcement that Binance has made $1 bln in cumulative profit since its launch within less than three years.

CZ Binance responded that almost all the profits will be reinvested, even though one fan suggested CZ should get himself a Lambo that many crypto enthusiasts dream of purchasing when the Bitcoin price goes to the moon.

CZ Binance Lambo
Image by Twitter

One Twitter user made a joke, saying CZ is waiting to buy a Tesla as soon as Elon Musk starts accepting BNB or Bitcoin.

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Binance’s stablecoin now accepted in Bermuda as a tax payment

On October 17, when sharing the milestones Binance had achieved within the last 24 hours, the CZ of Binance mentioned the listing of the BNB/BUSD pair on Binance DEX and another scheduled token burn in which 2,061,888 BNB was eliminated (around $36 mln).

He also stated that the government of the Islands of Bermuda now accepts Binance’s stablecoin BUSD for paying taxes.

Curiously, Tron’s CEO, Justin Sun, has also recently visited Bermuda and met its premier David Burt.

Bermuda is one of the world’s hubs that provides attractive operating conditions for crypto and fintech startups. If there is any particular plan of Tron's expansion to Bermuda or collaboration with its government, Sun has not made it public yet. Although, he did promise to make a big announcement at the end of October.

Binance succeeds in recently launched BTC futures trading

As reported by U.Today previously, Binance has surprised the industry by a trading volume of $700 mln in one day.

Previously, about a week ago, the same platform traded $134 mln within one hour. Overall, Binance was acknowledged as the world’s biggest exchange by trading volumes for a long while already.

What is your take on Binance's fast expansion in the crypto industry? Feel free to share it in the comments section below!

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.