The annual income of the cryptocurrency exchange indicates that Binance is a major worldwide player in the industry. During the same period, OKX also experienced a 4x organic growth in its revenue. In contrast, Huobi saw its revenue fall by 98% in 2022 as the bear market destroyed numerous crypto-focused companies.
Binance’s income increased tenfold in two years to hit $12 billion in 2022, according to data provided on Tuesday by on-chain data and analytics platform CryptoQuant. The native Binance Coin (BNB/USD) token’s price reached an all-time high of $686 in May 2021, however, it has since fallen 60% due to the crypto winter and the contagion that struck the market in 2022.
According to reports, customer deposits of billions of dollars have been removed from Binance, the biggest cryptocurrency exchange and trading platform in the world, after the demise of competitor exchange FTX in November. According to a Forbes report, the corporation founded and run by Changpeng Zhao has reportedly lost over $12 billion in the last two months.
OKX revenue sees 4x organic growth
Besides Binance, OKX is another cryptocurrency exchange whose earnings have grown over the past two years. The platform’s revenue increased 4x in the last two years. Based on spot trading commissions, which were approximately $948 million in 2022, OKX burns OKB tokens.
Huobi has seen its quarterly revenue drop significantly, with data showing the crypto exchange’s revenue was down 98% since the second quarter of 2021.
The income forecast for CryptoQuant’s digital asset exchanges comes as most digital asset platforms are still affected by FUD in the wake of FTX’s implosion. Notably, the defunct cryptocurrency exchange produced between $50 and $120 million in trading fees per month before its collapse.