Binance’s annual revenue has increased 10-fold over the past two years

Previously, analysts reported a record share of the exchange in the cryptocurrency market

10.01.2023 - 09:00

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What’s new? Blockchain analytics company CryptoQuant has reported that the annual revenue of cryptocurrency exchange Binance increased 10 times in the last two years. The figure was $12 billion in 2022. Earlier, experts at Arcane Research reported Binance’s record dominance in the crypto market. At the end of 2022, the exchange held 92% of the bitcoin spot market and 61% of the crypto derivatives market.

'@Binance’s annual revenue grew 10x over the past two years. It was around $12B in 2022.Huobi’s quarterly revenue dropped -98% since 2021 Q2. pic.twitter.com/2qxQKLCxV6 — CryptoQuant.com (@cryptoquant_com) January 10, 2023

What else did CryptoQuant report? The Huobi trading platform’s quarterly revenue dropped by 98% since Q2 2021. Earlier, it was also reported about massive layoffs at Huobi, and the South Korean arm of the exchange reported plans to sever ties with its parent company.

As for OKX, the crypto exchange’s revenue has shown 4x organic growth in the last two years. This is due to the buyback or burning of OKB exchange tokens based on spot trading fee revenue. Last year, the figure was $948 million. As of January 10, 09:00 UTC, OKB is trading at $26,53, having lost 2,99% in 24 hours, according to aggregator CoinMarketCap.

The burning process permanently removes assets from circulation in order to raise the exchange rate or prevent inflation.

In addition, CryptoQuant noted that the FTX crypto exchange was earning between $50 million and $120 million a month in trading fees before its collapse.

Earlier, analyst Ren & Heinrich reported that the listing of tokens on Binance cause them to rise in price by an average of 41%. On January 9, Binance’s native token, BNB, gained 15,76% YTD, despite interest in the platform from the US regulators. The asset is currently trading at $274,9.

For the extent of Binance’s impact on the crypto market, see GetBlock Magazine’s article.

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