Despite the bear market for 2018 is one of the largest cryptocurrency exchanges in the world Binance received a $446 million profit, calculated portal the Block.

Binance not disclose financial results, but The Block used to calculate the profit of the company amounts of the “burned” token BNB. Within the framework of supporting its own coins Binance uses 20% profit on redemption of BNB, to eventually destroy 100 million tokens, sold at ICO in 2017 from a total supply of 200 million

Have Binance was 6 quarterly report on the burning of BNB, according to which it was destroyed just over 10.8 million tokens. Provided that the company gives reliable information, and knowing the price of the token on the day burning, was produced Binance calculate the profit for each quarter.

Source: The Block

A total of Binance earned about $655 million for the six quarters of its existence. Most beneficial Binance was the fourth quarter of 2017 — more than $200 million In 2018, the company received $446 million in net profit, and almost 71% of brought the first half of the year. In the 3rd quarter profit fell by 51% in comparison with 2Q. And in the 4th quarter, profit continued to fall to minus 39% QoQ.

Source: The Block

In addition to lower trading volumes, which affected the results of all kryptomere, Binance a drop in profits by year-end, The Block connects with an even number of factors. The company has invested heavily in the discovery of crypto-Fiat exchanges in Uganda and on the island of Jersey, in the development of decentralized exchanges, and since October Binance started to send all listing fees to charity, reminded the portal.

In July the head of the exchange , Changban Zhao (Changpeng Zhao) said Binance at the end of this year expects to benefit from $500 million to $1 billion Based on the calculation of The Block, the company stopped short of the bottom border of expectations.

Earlier, the founder and head of Huobi Group Li Ling (Li Lin) reported that over the past year, trading fees stock exchange brought the company more than $500 million to the CEO of Huobi Global Van Livio (Livio Weng), the exchange Huobi business generates about 70% of the income.