Binance Makes More Profit than Deutsche Bank


In the first quarter of 2018, one of the leading financial institutions in the world and the biggest bank in Germany – Deutsche Bank, recorded $146 million as profit. Whereas, the biggest cryptocurrency exchange in the world – Binance recorded $200 million as profit.

The Fascinating Growth of Binance

Binance is a crypto startup that only begun operations less than 12 months ago making more profit that a financial institution that has been in existence for 148 years is amazing. It is even more incredible when you compare the number of employees at Binance (200) against that of the banking giant (100,000).

The Opinion of Changpeng Zhao – the CEO of Binance

SEE ALSO:   Aeternity (AE) Goes Live on Coindelta Crypto Exchange

Mr. Zhao said: “Binance is the biggest digital currency exchange in the world. In the first three months after they started operations, they recorded a profit of $7.5 million. In the next three months, they recorded a profit of $200 million, and the third quarter is in progress. Further growth is expected at the end of the third quarter.”

Deutsche Bank CEO – Christian Sewing’s Comment

Mr. Sewing – the newly appointed CEO of Deutsche Bank, said that the bank will divert from hedge fund investment and focus more on the dominant areas of the bank. He said they are aiming at making more profits by the end of this year with an enormous cut of employees and restructuring plan worth $800,000,000.

SEE ALSO:   John McAfee To Stop the Promotion of ICOs After SEC Threats

They have already started laying off employees, relieving 400 US-based staffs of their duties this week. The bank plans to lay off over 1,000 employees. Mr. Sewing said the bank wants to focus on providing their customers with treasury and global financing solutions.

Binance did not do anything that Deutsche Bank did not have the ability, resource, or power to do. But the bank needs innovative minds like Changpeng Zhao, and also give them enough support and room in order to succeed.


Legal Disclaimer: The content of this website ( is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from

SEE ALSO:   The Real Reason Behind Bitcoin's Price Crash Revealed -Thu Jun 21

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Smart About Crypto!

Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!