Binance CFO: Surge in OTC Trades Drove Near $80 Million Q1 Profits

Binance’s Q1 2019 profits beats the previous quarter by 66%, with large-scale investors increasingly active. 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.“Last month we saw a lot more volume than, say, three months ago,” he told the publication, continuing:“This was mainly due to the increase in price of Bitcoin and altcoins over the past few months.…