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Binance brought in $78 million in profits in Q1, up 66% quarter-on-quarter

Larry Cermak

Based on The Block’s calculations, Binance brought in a total of $78 million in profits in Q1 2019. In Q4 2018, Binance generated approximately $47 million in net profit meaning that profit in Q1 is up 66% quarter-on-quarter.

While Binance doesn’t disclose its financials, the profits can be deduced fairly easily by looking at the quarterly burns. Binance announced today that it burned nearly 830,000 BNB, which represents 20% of its net profits in Q1.

So far, Binance has had seven quarterly BNB burns, in which it destroyed a little over 11.6 million BNB. In total, Binance has brought in approximately $733 million in seven quarters of its short existence.