February 6, 2019, 12:24PM EST
• 3 min read

Analysis: Binance brought in $446 million in profits in 2018 despite the bear market

Quick Take

  • In 2018, despite the bear market, the exchange delivered $446 million in profits; less than the CEO’s projections
  • Profits declined sharply in the second half of 2018 as a result of declining trading volume and larger investments in infrastructure
  • Coinbase likely had smaller profits despite projecting $456 million in October

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