Binance's Record Quarterly Performance
Cryptocurrency exchange giant Binance recently published its ninth quarterly BNB burn report (July-September), destroying 2,061,800 BNB tokens worth approximately $36.7 million.
Larry Cermak, Research Lead at The Block, noted this burn amount exceeded the combined totals of Q1 and Q2. Based on Binance's 20% profit-burn policy, this implies:
- Q3 Profit: ~$185.9 million (≈1.317 billion RMB)
- Cumulative Profit Since 2017: $1 billion
Comparative Analysis with Meituan
Meituan's Financial Highlights (2019 Q2):
- Total Revenue: 22.7 billion RMB
- Gross Profit: 7.9 billion RMB
- Net Profit: 875 million RMB
- Adjusted Net Profit: 1.492 billion RMB
Key Observations:
- Q3 Comparison:
Binance's 1.317B RMB profit closely approaches Meituan's Q2 adjusted net profit (1.492B RMB). - Half-Year Benchmark:
Binance's H1 profit (1.396B RMB) would rank ~187th among 3,683 Chinese A-share listed companies, surpassing 90% of public companies. - Growth Trajectory:
Binance's Q3 burn volume (2.06M BNB) surged 155% from Q2 (808,800 BNB), signaling accelerated expansion.
Strategic Growth Drivers
Binance attributes its performance to:
- New product launches (e.g., leveraged trading, futures contracts)
- Expanded fiat gateways
- OTC service adoption
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FAQ Section
Q: How does Binance's profit compare to traditional tech giants?
A: While smaller than Alibaba/Tencent, Binance's $1B cumulative profit in <3 years rivals mid-tier tech firms like Meituan during growth phases.
Q: What's unique about Binance's token burn mechanism?
A: 50% of burned BNB comes from team holdings, creating aligned incentives. The protocol targets reducing circulating supply to 100M BNB (currently 185M remaining).
Q: Why did Q3 show exceptional growth?
A: Product diversification (e.g., derivatives) and global fiat integrations drove user acquisition and trading volume.
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Note: All profit figures are pre-tax estimates based on burn calculations. Official audited financials may differ.