As US regulators continue their assault on the entire crypto industry, information about the revenue generated by the US version of Binance has become public due to ongoing litigation.
Binance.US registers impressive results
According to a report published recently by one of the accountants working for the SEC, the American version of the Binance platform recorded a turnover of up to 410 million dollars since launch, thus generating a gross profit estimated at 225 million dollars.
The platform’s accounts have been detailed based on information that Binance itself allegedly provided to the US regulatory agency. These span the period from 2019 to 2023 and refer specifically to BAM Trading Servicesthe entity behind the US version of the stock exchange.
The accounts show that the exchange had the majority of its revenue and gross profit in the year 2021, generating 265 million dollars income during this period. Then comes the year 2022, when she recorded 95 million dollars of recipes.
Regarding the international version of Binance, it is interesting to note that the exchange volume of the platform began to decrease towards the end of the year 2022, reaching a low point that is at $9.39 billion per December 23, resulting in lower quarterly revenue.
According to the company’s results Crypto quantuma company specializing in blockchain data analysis, the annual turnover on the Binance platform is approx 12 billion dollars for the year 2022 alone. An impressive figure which marks a strong development as well as a x10 increase compared to its performance in 2020.
Based on data available on CoinMarketCap, the US version of the Binance platform ranks 84th place of the crypto ecosystem in terms of trading volume over the last 24 hours with 44.6 million dollarswhich corresponds to a decrease of 55.70% compared to the previous day’s results.
That then, the international version of Binance remains at the top of the charts with a 24-hour trading volume placed at 4.85 billion dollarshowever with a drop of almost 60.4% compared to his performance yesterday.
As of this writing, Binance Coin (BNB) is floating around $237.51 which corresponds to one sharp drop of 22.16% compared to his score from last week, which was set above the line at $305.96. This downward movement marks a real break with the positive momentum that started in early 2023 for BNB and the rest of the crypto market.
Source: Hoflytter