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Binance’s revenue grew 10x over two years: report

By:
on Jan 10, 2023
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  • Binance revenue was $12 billion in 2022, with 10x growth in the past two years.
  • While OKX also saw its revenue grow 4x, Huobi’s fell 98% since Q2, 2021.
  • FTX revenue was $50 million to $120 million from trading fees per month before its collapse in November 2022.

Binance is a global crypto giant, with this outlook reflected in the cryptocurrency exchange’s annual revenue. OKX also saw a 4x organic growth in its revenue over the same period, while Huobi recorded a 98% drop in revenue in 2022 as the bear market decimated multiple crypto-focused businesses.

Per data shared on Tuesday by on-chain data and analytics platform CryptoQuant, Binance’s revenue increased tenfold in two years to hit $12 billion in 2022. The price of the native Binance Coin (BNB/USD) token hit an all-time high of $686 in May 2021, though its currently down 60% since following the crypto winter and the contagion that hit the industry in 2022.

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Indeed, Binance, the world’s largest cryptocurrency exchange and trading platform, has reportedly seen billions of dollars in customer deposits withdrawn since the collapse of rival exchange FTX in November. According to a report by Forbes, the company founded and led by Changpeng Zhao has recorded outflows of over $12 billion over the past two months.

OKX revenue sees 4x organic growth

Other than Binance, another crypto exchange that has seen increased revenue over the last two years is OKX. The platform’s revenue grew 4x in the past two years. OKX burns OKB tokens based on the exchange’s spot trading fees, which was about $948 million in 2022.

Huobi has, however, seen its quarterly revenue drop significantly, with data showing the crypto exchange’s revenue was down 98% since the second quarter of 2021.

CryptoQuant’s digital asset exchanges revenue outlook comes as the fear, uncertainty and doubt, or FUD, continues to surround most digital asset platforms following FTX’s implosion. Notably, the bankrupt crypto exchange generated between $50 and $120 million in trading fees per month before it imploded.