Cryptocurrency exchange Binance cumulative profit surpasses $1 billion

Posted 18 October, 2019

Binance, the world’s leading cryptocurrency exchange has crossed a whopping $1 billion in cumulative profit. It brought in approximately $186 million in profits in Q3; up 56% from Q2.

''Keeping barriers to entry low'' mantra seems to have paid off well for cryptocurrency exchange. CEO, Changpeng Zhao stated that Binance completed a ninth quarterly burn of its native token Binance Coin (BNB). The burn involved 2,061,888 BNB tokens (worth nearly $36.7 million). 

 The USD value of Q3 burn is nearly the same as the value of Q2 and Q1 burns combined. In Q2, Binance burned 808,888 BNB tokens, while in Q1, it burned 829,888 tokens, totaling to 1,638,776 tokens.

Provided that Binance burns BNB tokens worth 20% of its profits every quarter. Since it burned $36.7 million worth of tokens in Q3, we can deduce that it made approximately $183.5 million in profit in Q3 alone. 

Changpeng Zhao wrote multiple times that Binance likes to “keep barriers to entry low” for all its products and services so that retail investors can easily access them. These include offering lower or no trading fees and easier user-interface, among other benefits.

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18 October, 2019 14:07

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