Binance Q3 Recap

in cryptocurrency •  7 months ago

Binance Q3 Recap


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Every quarter, we burn 20% of our profits in BNB. We just burned 2,220,314 BNB (roughly $30,000,000 USD), making our quarterly profit $150m USD. In USD terms, it is a little less than last quarter. In BNB terms, it is more. This makes sense. The older Binancians have pretty much figured this out even before today. BTC price and trading volume (as a rough overall indicator of the industry) have decreased compared to last quarter. As an exchange, we collected less in commissions in fiat terms. But because BNB price was also lower during parts of the quarter, we collected more BNB. This is the designed effect for our token economics. When the price is lower, BNB will be burned more quickly.

BNB price held up pretty nicely throughout the quarter. Many people used BNB as the “stable/safety coin” during the bear market. This is very comforting to know and such a compliment. I will admit, it was not an easy quarter. So much has happened, it felt like 3 years. We worked hard in the face of adversity, and the team’s hard work paid off. As always, we were also very lucky to have much outside help.

M for Malta. I would like to say special thanks to Prime Minister Joseph Muscat for welcoming us to Malta and to Mr. Silvio Schembri for making it happen. I believe crypto prices would certainly be lower if it weren’t for these gentlemen (and others). To show our appreciation, many key players in the blockchain industry came together and are all committed to establish/invest in Malta. Let’s grow the blockchain island here in Malta. I also had the privilege of visiting a few other countries to discuss blockchain developments. We will continue our efforts in helping forward-thinking governments help us.

We released Binance Info, an information portal for coins and tokens. It’s not CMC, we aim to provide a different set of info. We feel information transparency is one of the most important aspects for investor protection. We may require Binance listed coins to publish weekly updates soon. Let us know if you love or hate this idea.

A couple separate announcements will come from Binance Labs soon, including introducing our new Head of Binance Labs, as well as the first investment we made this past week. Binance Labs will focus on investing in blockchain technology projects, especially infrastructure projects. Things that help the blockchain industry. Binance Labs is probably one of the few funds whose primary mission is not profit. What?! Well, stay tuned…

The Binance Dexathon coding competition is progressing well, there are 20+ teams working at the moment, plus our own internal team. We will share more progress as it happens.

We released our Mac client (the original M), and so far the responses are very favorable. We have also released a host of other features in our product groups. I won’t iterate through them all. This remains our top priority and core focus.

Although we still have much room to improve in our services, our helpdesk handled far more support requests during the bear market than the last bull one. This time, with much lower delays, and much higher overall satisfaction. We will continue to improve our ability in this area.

Lastly, I would like to thank our Angels and the community for their strong support. You guys have made this tough quarter much easier for us.

Cheers,

CZ.

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Hey Binance,

Did you know STEEM has it's own economy? We are essentially a virtual country and constantly growing in size. Our people need a multilingual place to trade their SBD earnings. You are really the best exchange to support this. Can you list SBD? You already list STEEM. Setting up SBD wallets would be equivalent to STEEM wallets.

SBD, like STEEM has the following benefits

  • High Capacity
  • High Speed
  • Massive User Base
  • No fees

Also, SBD has the potential to become a replacement for Tether.
We here at Steemit want to have SBD listed on Binance. Binance already has STEEM listed and yet Steemians cannot take their SBD that they have earned to Binance exchange. Binance is loosing money by not making SBD available for exchange. Steemians must take their SBD elsewhere to exchange it.

Both BNB and Binance was a good choice in the bear market . CZ is awesome . I like "M for Malta" . Appreciate your efforts from binance labs

Moving to Malta is one among the best decision by Binance team... Looking forward to see how you implement Fiat to Crypto transactions for international users...That will present another gateway for people who want to get into Crypto but do not want go through the hassle of coinbase.

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yeap I like the soud of this

i was one of those who HODL'd BNB during the bear market. thanks to BNB!

Hey there! Is there any discussion of SBD getting listed on Binance?

Followed and Upvoted, Keep up the good work and looking forward to more from you.

Nice update! I am so glad that you decide to open an account in Steemit.

We just burned 2,220,314 BNB (roughly $30,000,000 USD)

That's a lot of money! but I imagined that it will be for good, as you say, less inflation should cause the price rise. I had already bought some BNB but I think I will buy more especially when reading this update. What I win in this week that comes in Steemit I will put it in BNB :)

Cheers for the Binance Info site! Btw, I was checking it and I think you should add Euro, Yen and British Pounds to the way to see the prices. If you do, I think I will probably start using it more often.

Upped and re-steemed!

Pd: Btw, when SBD in Binance??? ;)

Hello, how about my deposit to binance? Read more on my post :
https://steemit.com/steemit/@cobran/problems-with-deposit-steem-on-binance

Binance is rapidly becoming my favorite online crypto currency exchange and they dont incorporate those awful annoying capcha crap.

Hello CZ,
Thanks a lot for being here. I'm a university lecturer and entrepreneur from #Rwanda. I recently read about what Binance is doing in #Uganda and I was amazed. I just wish you could also come to Rwanda or conquer the whole of East Africa. Cheers!

You have forgot to mention that signing up in binance and buying Crypto will pay you 20% referral bonus. Here is my referral link if anyone wants to sign up and then they can forward it as well.

https://www.binance.com/?ref=16105300

It is so simple...

Hello.

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Well done guys. I look forward to the launch of your decentralized exchange and moving away from ETH based BNB coins to your own native blockchain. As long as Binance continues to stay open and transparent with their community and customers, I believe you'll remain the most profitable exchange in the world. And unlike most exchanges, you guys truly deserve your success. Keep up the great work!