Analysis: Binance Earned $446 Million In Profits In 2018
“A recent analysis by “The Block” found that Binance brought in $446 million in profits in 2018.
This figure is slightly less than the $500 million that Binance CEO Changpeng ‘CZ’ Zhao projected the company would make this year.
BNB: From its ICO offering in 2017, Binance raised $15 million for 100 million Binance Coin out of 200 million in total supply.
As part of maintaining its coin, Binance uses 20% of its net profits to buy back BNB and eventually destroy 100 million BNB tokens, according to the whitepaper.
Binance has had six quarterly BNB burns, in which it destroyed a little over 10.8 million BNB. Every burn is done based on BNB price on the day of the burn, which means that if the BNB totals are multiplied by the price of BNB on the day of the burn, we can get a USD equivalent of 20% of the profits.
Throughout the stated period, Binance has burned a total of 10.8 million BNB tokens, worth a total of little over $131 million.
These numbers (profits) fall just short of the predictions that Binance CEO Changpeng ‘CZ’ Zhao made for the company in July, when he told Bloomberg that he expected to see $500 million in profits by the end of 2018.”
John Vibe’s original article for cryptoglobe.com reduced by 62%
CN TL;DR editor’s take: Binance has succeeded despite the bear market and is hugely popular, but some have questioned the company’s tactics regarding new coin listing pump and dumps – most recently Tron based BitTorrent (BTT). Despite criticism, CZ sees nothing wrong:
As always, be careful leaving funds on centralized exchanges, if you don’t have the private key, you don’t own the crypto. We need to learn lessons from recent news: (QuadrigaCX Owes Customers $190 Million, Court Filing Shows ). With that in mind, Binance is launching a DEX, expected soon: Binance Prepping For Crypto DEX Launch, CEO CZ Confirms
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CN [too long; didn’t read]
Summarised crypto news.