Binance and OKX’s annual revenue increased 10x and 4x respectively over the past two years, while Huobi’s quarterly revenue fell -98% since the second quarter of 2021. CryptoQuant.com.
Binance’s quarterly revenue began increasing exponentially in 2021 and maintained that growth throughout the year. The exchange’s annual revenue will reach approximately $12 billion in 2022.
However, as the exchange’s trading volume began to decline at the end of 2022, so did its estimated quarterly earnings.In December 2022, Binance lost 90,000 Bitcoins (BTC) from its reserves in one week. Data from Jan. 9 showed that the exchange had withdrawn $12 billion worth of him in the past two months. The exchange’s trading volume also hit a two-month low on Dec. 23, reaching $9.39 billion.
According to CryptoQuant, OKX’s revenue has grown fourfold organically over the past two years.
Exchanges will burn native tokens OKB or buy them back based on spot trading fee earnings. Burned OKB tokens recorded a 600% increase in 2021, increasing from $12.5 million to $87.5 million. Token spot trading volume also registered a similar growth, reaching nearly $3 billion in January 2022.
Meanwhile, Huobi Global’s quarterly revenue has been steadily declining since April 2021.
In April 2021, the exchange recorded $1.25 billion in revenue, but by 2022 it had fallen below $250 million. Based on the data, the exchange expects his quarterly earnings to be even closer to zero by 2023.
The exchange decided to exit China in November 2021, despite being the dominant exchange in the Chinese market at the time. Founder of Huobi, October 2022 sold His shares represent 60% of the company. In December 2022, the community was informed that Huobi was struggling with winter conditions and could initiate furloughs.
Huobi’s CEO denied those allegations on January 2, but said the exchange plans to lay off 20% of its workforce on January 6. On January 5, more than $60 million in cryptocurrency drained from his Huobi reserves within 24 hours of him. Huobi Korea announced on January 9 that it will become an independent entity, becoming independent from Huobi Global.