Binance maintained hockey-like growth since 2021 despite the crypto market downturn, according to on-chain data provider Cryptoquant. Sharing its findings on Tuesday, Jan 10, the firm noted that the exchange’s annual revenue topped around $12 billion in 2022, growing ten times over the past two years.
And although Binance continued to maintain that it was business as usual, the exchange’s trading volumes also started to fall towards the end of 2022, tapping a two-month low of $9.39 billion on Dec 23 and lowering its estimated quarterly revenue.
According to a December report by Glassnode, Binance experienced an outflow of 90,000 Bitcoin in a week. On Jan 9, Forbes reported that the exchange saw $12 billion worth of crypto assets withdrawn in the past two months, citing a report availed to it by a reliable source.
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