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cryptofreak

$300M profit made by Binance from 10M customers in one year

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According to a statement made by Changpeng Zhao in an interview, Binance which currently has a trading volume of $1.3B now has 10M users. According to him, the crypto exchange has already generated revenue worth $300 million from trading fees. 

 

Per trade, Binance charges 0.1%, and regardless of the amount traded, the fee applies, asides that a 50% discount is given if you make use of BNB (the exchange’s token). Apparently, Zhao hopes that this year, net profits reach $500M to $1B. With the exchange announcing that 10% of its trading fees will be allocated to a SAFU fund, the sum seems considerable. Earlier this week, the exchange said that it is to be used to offer protection to our users and their funds in extreme cases.

 

The announcement of this fund (SAFU) came after an exploit in API sent Syscoin’s price to 96 BTC. How this happened is still yet to be understood, with Binance having a good amount worth $120M in their Bitcoin hot wallet. From what is known, for Bitcoin assets only about $2B is stored in their cold wallet storage. They trade several cryptos which include Ethereum, Bitcoin cash and other popular and unpopular ones.

 

The full breakdown of profits and revenue figures of Binance remains unclear, but from all their trading fees, the exchange seems to be making good amount of money.

 

 

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