As we all know Binance Crypto Exchange, which is the wolrd’s biggest Crypto Exchange. For those of you who are new to this Cryptocurrency field, #Binance is an international, multi-language cryptocurrency exchange. The service raised 15 million dollars in a July 2017 Initial Coin Offering for its #ERC20 BNB token.
According to #Changpeng Zhao’s statement in an interview, Binance has made $300 million in revenue this year. Binance charge 0.1% per trade, with the fee seemingly applying regardless of traded amounts or any other consideration, and on top of that, they apply a 50% discount if you use the exchange’s own token called Binance Coin[#BNB].
Instead of giving away free tokens for its customers i.e. giving away #Tron Coins to the top customers who will make big trading amount of TRX token, and big hacks in its system, the organization made remarkably nice profits.
On top of that, #Zhao is so positive on his company that he expects net profits to hit $500 million to $1 billion this year, which will make this $300 million as revenue rather than profits.
According to sources, cold wallet storage of Binance amounts to around $2 billion for just #bitcoin assets. Their numerous crypto offerings also attracted speculators and traders that specialize in arbitrage. This Exchange was new and because they were the first to introduce #ETH trading pairs, Binance got boost.
They also have some safety measures to insure that in case, any wrong thing happens, the users will get some amount of money back which is better than getting nothing. The exchange recently announced they are to allocate 10% of trading fees to a #safu fund.
That’s to be used “to offer protection to our users and their funds in extreme cases,” the exchange said.
The fund was announced after an #API exploit sent Syscoin’s price to 96 btc, or some half a million dollars, from the usual price of around 2 cent.
So, Binance is really dominating the Crypto-Exchange field, we hope that they continue making huge profits and provide best services to their customers.
