Crypto Exchange Binance Registers $446 Million in Profits in 2018 Even in Slumping Markets
The popular cryptocurrency exchange Binance announced that it registered a total of $446 million in profits in 2018.
During the last year, virtual currencies and the whole crypto market experienced a bear trend that affected several firms and companies in the space. Virtual currency exchanges have also been affected after this year. The information was released by The Block on February 5.
These numbers seem very positive considering that trading volumes substantially decreased during the last year. Back in July 2018, Changpeng Zhao, the CEO of Binance, mentioned that the exchange was going to register a net profit between $500 million and $1 billion during the year.
At the same time, when Binance registers net profits, it uses 20% of the funds to destroy BNB tokens. This reduces the BNB supply and allows the coin to increase its price. At the moment, the exchange has had six quarterly BNB burn, destroying around 10.8 million BNB.
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