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The world’s largest crypto exchange, Binance, is flush with massive profits from its operations in 2018, estimated from buybacks of its BNB token to total $446 million.
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Although Bitcoin is trading at a loss over the last 12 months, transaction volume has been steadily increasing over the last year, so Binance has been busy.
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“To date, even in this bear market, we still run a profitable business,” Binance CFO Wei Zhou told CNBC in a phone interview Wednesday.
Binance is looking good in 2019.
Awash with cash from its 2018 operations, the world’s largest cryptocurrency exchange flexed some half a billion dollars in profits from last year’s business, using net proceeds to buy back its proprietary exchange token BNB in amounts and at prices that led one cryptocoin industry publication, The Block, to estimate Binance’s 2018 profits at $446 million for the year:
“So far, 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. Binance’s profit is simply five times the USD equivalent of each burn, if the firm is staying true to its whitepaper commitment.”
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