According to on-chain data analytics, CryptoQuant, over the last two years, the annual revenue of Binance, the biggest cryptocurrency exchange in the world, increased 10x. By 2022, it was over $12 billion.
Additionally, the revenue of Seychelles-based crypto exchange OKX, formerly OKEx, has increased four times organically during the last two years. Based on earnings from spot trading fees, which was around $948M last year, they burn or buy back OKB tokens.
On the other hand, the bear market was not in favor of another Seychelles-based virtual currency exchange, Huobi Global. Its quarterly earnings fell by 98% from the second quarter of 2021, according to CryptoQuant.
However, as TronWeekly reported today, there has been a considerable movement in market share across cryptocurrency exchanges during the previous 12 months. The market share for Huobi fell sharply, “from 22% in 2020 to just 4% in 2022.”
The landscape of the cryptocurrency exchange market has significantly changed as Binance rises to the top. In 2020, it held a 37% stake, but by 2022 that had grown to 57%, while its competitors’ shares, like OKX’s, which stood at 21% in 2020, were significantly diminished to 9%.
Binance Losses $12B In Less Than 60 Days
According to the Forbes report, the world’s largest exchange is having trouble keeping assets. After a competing platform, FTX, failed, people have been withdrawing their digital currency in recent weeks. Despite the leader of Binance (CZ) saying everything was okay, more and more assets are leaving.
Defillama claimed that customers withdrew a net of $360 million on Friday. First, Nansen revealed on December 13th that Binance had lost $3 billion in assets or 4% of its total assets.
While Forbes investigation found that the exchange lost around $12 billion, or 15%, of its assets, in less than two months, about a quarter of assets departed the exchange.
As per the Forbes report, the performance of Binance Coin (BNB) and Binance USD (BUSD), the two tokens bearing the exchange’s name, is the greatest indicator of investors’ lack of confidence. In the last two months, BNB has lost 29% of its value, while the firm’s BUSD stablecoins have fallen by 40%.
