This is a huge leap in profit from Binance’s Q4 2018 profits, which came in at $47 million USD, making the cryptocurrency exchanges quarterly profit increase over 66% just 3 months later, which is an impressive feat considering the strength of the bear market during this time.
Binance doesn’t disclose its financials, and so these are purely estimates – but the accuracy level may be relatively high when considering that the quarterly coin burns are always set to 20% of the exchange’s net profits for that period.
The Binance quarterly BNB coin burns are an accurate way to calculate its net profit margin
Binance burned 830,000 of its native BNB cryptocurrency token for this quarter, which, when calculating the current price of the coin, would make the total net profit of the exchange in the region of $78 million USD.
To date, Binance has undertaken 7 coin burns over the last 19 months, and in total has destroyed 11.6 million BNB tokens. This equates to an incredible $733 million USD worth of net profit over the small period since the exchange’s creation.
Why Binance has succeeded in such a short period of time
The massive success of Binance over such a short period of time can be attributed to a number of factors – but one of the most important is the positive public relations the cryptocurrency exchange works hard to build.
The most recent stand the company has taken, as 21CRYPTOS reports here, is to delist the controversial BSV token over accusations of fraud against the founder Craig Wright. Since the delisting, the token has depreciated 15% in value as a result.
It’s positive actions like these that create support for the industry, and in turn makes Binance, and popular CEO CZ, well respected in the public domain.