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Binance profit of $ 446 million, p2p, SEC and Bitcoin-ETF turnover rose sharply

02/08/2019
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According to estimates, The Block Binance was able to get $ 446 million of net profit, the p2p market turnover showed a sharp increase. SEC Commissioner believes that Bitcoin-ETF will be approved.

The Block estimates Binance earned $ 446 million in 2018

Although the Binance cryptocurrency exchange does not publish publicly available financial statements, there are indirect ways to obtain information. The Block conducted an investigation, in which it was found out that the Binance Exchange earned $ 446 million in 2018. The number of “burned” Binance tokens, for which 20% of the net income was sent, was studied for evaluation.

Over the past year and a half, 10.8 million tokens have been destroyed. Calculations show that the fourth quarter of 2017, which brought Binance about $ 200 million, was the most profitable. Then, income began to decline, and the fourth quarter of 2018 gave a little less than $ 50 million. Moreover, the fall is due not so much to the cryptocurrency market, as an active investment activities. Binance Exchange in 2018 earned much more than $ 446 million, but a significant part of the funds was spent on the implementation of new projects.

The Block estimates Binance earned $ 446 million in 2018

Cryptocurrency trading volumes on p2p hit records

The market situation is becoming more interesting. In the Asian and Eastern European regions, the turnover of cryptocurrency trade in p2p is breaking records. Among the leaders was the Singapore market. Here was one of the most turbulent weeks over the years. In addition, sellers and buyers from Russia, Poland, Venezuela and Kazakhstan showed very strong activity.

It is important that the record turnover of cryptocurrency trading is shown on the increased activity of both sellers and buyers. All have increased activity, but there is no clear trend in the market yet.

Cryptocurrency trading volumes on p2p hit records

SEC Commissioner Robert Jackson Sure Bitcoin-ETF Approval

In an interview, Robert Jackson said that, sooner or later, the Financial Markets Committee will approve trading in Bitcoin-ETF contracts. SEC Commissioner said that ultimately there will be a company that can organize trade according to all the rules of the committee.

Now the decision-making process is focused on the issues of liquidity, storage and market manipulation. The application of the Winklevoss brothers did not meet these criteria, and therefore was rejected. Although Robert Jackson is confident of Bitcoin-ETF approval, he did not comment on the VanEck and SolidX application. It was recalled because of the shutdown, and so far its fate is unknown.

When will the SEC approve Bitcoin ETF contracts?

SEC Commissioner Robert Jackson Sure Bitcoin-ETF Approval

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