Cointime

Cointime

Download App
iOS & Android

Binance Annual Revenue Grew 10x Over the Past 2 Years, While OKX’s Grew 4x

Binance‘s and OKX‘s annual revenue grew 10x and 4x over the past two years, respectively, while Huobi’s quarterly revenue fell by -98% since the second quarter of 2021, as reported by CryptoQuant.com.

Binance

Binance’s quarterly revenue started to grow exponentially in 2021 and maintained its growth throughout the year. The exchange’s annual revenue reached around $12 billion in 2022.

However, the exchange’s trading volumes started to fall at the end of 2022, which also lowered the estimated quarterly revenue. In December 2022, Binance lost 90,000 Bitcoin (BTC) from its reserves in a single week. According to data from Jan. 9, the exchange saw $12 billion worth of withdrawals in the previous two months. The exchange’s trading volume also hit its two-months low on Dec. 23, reaching $9.39 billion.

OKX

According to CryptoQuant, OKX’s revenue recorded 4x organic growth over the past two years.

The exchange burns its native token OKB or repurchases them based on spot trading fee revenue. The burned OKB tokens recorded an increase of 600% in 2021, increasing from $12.5 million to $87.5 million. The token’s spot trading volume also recorded a parallel growth, reaching almost $3 billion on January 2022.

Huobi

In the meantime, Huobi Global’s quarterly revenue has been recording a steady decrease since April 2021.

In April 2021, the exchange recorded $1.25 billion in revenue, only to drop below $250 million by 2022. Based on the data, the exchange is expected to come even closer to zero in quarterly revenue by 2023.

The exchange decided to retreat from China in November 2021, even though it was the dominant exchange in the Chinese market at the time. In October 2022, Huobi’s founder sold his shares, which corresponded to 60% of the company. On December 2022, the community was informed that Huobi was struggling with the winter conditions and could start layoffs.

Even though Huobi’s CEO denied these claims on Jan. 2, the exchange said it was planning to lay off 20% of its staff on Jan.6. On Jan.5, over $60 million worth of crypto left Huobi’s reserves within 24 hours. On Jan.9, Huobi Korea announced that it is separating itself from Huobi Global to become an independent entity.

Original link: https://cryptoslate.com/binance-annual-revenue-grew-10x-over-the-past-2-years-while-okxs-grew-4x/

Binance OKX Huobi
Comments

All Comments

Recommended for you

  • Russian Foreign Minister Lavrov: Meeting with U.S. Secretary of State Rubio Scheduled for Tomorrow

    On July 22, Russian Foreign Minister Lavrov stated that the meeting with U.S. Secretary of State Rubio has been scheduled for tomorrow.

  • Supermicro Surges Over 14% Pre-Market as Q4 Gross Margin Doubles Guidance, New Orders Exceed $60 Billion

    On July 22, AI server manufacturer Supermicro (SMCI.US) surged over 14% in pre-market trading to $29.17. On the news, the company released preliminary results for the fourth fiscal quarter ended June 30. The company's GAAP and non-GAAP gross margins are expected to be between 15% and 17%, nearly double the previously guided range of 8.2% to 8.4%. Management attributed this better-than-expected performance to favorable customer structure and product mix. Meanwhile, the company's total new orders for the quarter exceeded $60 billion, a record high.

  • US Optical Communication Stocks Fall in Pre-market, Marvell Down Over 2%

    On July 22, US optical communication concept stocks fell collectively in pre-market trading, with Astera Labs, Coherent, Credo Technology, Ciena, AXT Inc, and MaxLinear falling more than 3%, and Fabrinet, Lumentum, Corning, Applied Optoelectronics, Tower Semiconductor, Marvell Technology, POET Technologies, and GlobalFoundries falling more than 2%.

  • US AI chip stocks fall pre-market, Intel down 3%

    On July 22, US stock market AI chip stocks generally fell before the market open, with Intel down 3%, TSMC, AMD, and Qualcomm down over 2%, Broadcom down nearly 2%, and NXP and Nvidia down over 2%.

  • Russia Develops 150nm Lithography Machine, Performance Comparable to Pentium 4 from 20 Years Ago

    On July 22, according to Fast Technology, Russia's Green City Nanotechnology Center (ZNTC) has successfully developed a prototype of an electron beam lithography machine (ELL) with a design standard of 150nm. The project is a key research and development task under the framework of Russia's national plan for scientific and technological development, codenamed Progress ELL 150. This device is mainly used for manufacturing photomasks, and can also directly draw circuit patterns on substrates without using masks. The 150nm process roughly corresponds to the performance level of Intel's Pentium 4 from 20 years ago. In 2025, ZNTC demonstrated a similar device with 350nm resolution, and has now advanced to 90nm and 130nm technology nodes. Industry experts point out that such equipment is only suitable for small batch production of specialized chips in fields such as aerospace and defense.

  • Beijing State-owned Capital: Nearly 10 Billion Yuan Allocated to Stock Market from Own Funds

    On July 22, Beijing State-owned Capital Operation and Management Co., Ltd. announced that, as of now, it has allocated nearly 10 billion yuan from its own funds to invest in the stock market. Going forward, the company will continue to support listed company stocks using its own funds and through its subsidiaries, including securities firms and public funds, while also backing the development of the Beijing Stock Exchange. Rooted in its functional role as a state-owned capital operator, the firm is committed to safeguarding the strategic value of core assets of listed companies and contributing to the stable and healthy growth of the capital market through concrete actions, as a state-owned enterprise based in Beijing. (Beijing State-owned Capital)

  • U.S. Stock Futures Fall, Major Indices Decline

    U.S. stock futures are lower, with Nasdaq 100 futures down 1%, S&P 500 futures down 0.4%, and Dow futures down 0.3%.

  • Japan's Two-Year Government Bond Yield Rises to 1.47%, First Time Since 1995

    Japan's two-year government bond yield rose to 1.47%, the first time since 1995.

  • WTI and Brent Crude Surge Over 4%

    On July 22, international oil prices surged rapidly. WTI crude oil futures rose over 4% to $87.77 per barrel; Brent crude oil futures rose over 4% to $94.71 per barrel.

  • Bank of Japan Reportedly Willing to Raise Rates Faster Than Once Every Six Months

    On July 22, the Bank of Japan is reportedly willing to raise interest rates at a pace faster than once every six months.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company