Binance News Today – Headlines for October 17

Binance Coin (BNB)
  • Q3 2019 Is Binance’s Second-Best Fiscal Quarter
  • Binance’s Strong Performance Is Attributed to the Additions Made to the Product Roaster of the Firm

Binance News Today – The third quarter of this year seems to be a great one for Binance. Bitcoin (BTC) has had a pretty tough quarter. The price of the digital currency plunged from $14k in June to $8k by the end of September. Despite such poor performance, the operations of Binance – digital currency exchange giant – have been guzzling along just fine.

Binance recently announced that it had burned 2,061,888 Binance Coin (BNB). This is about 1.1 percent of the total BNB supply. This means that digital currencies that have a market value of some $36M were lost the Ether, forever.

Binance Coin (BNB) Price Today – BNB / USD

NamePrice
bitcoin
Bitcoin
$0.00

Q3 2019 Is Binance’s Second-Best Fiscal Quarter

Larry Cermak – the Block’s Director of Research – said that Binance just saw its second-best fiscal quarter yet. The burn of Binance Coin (BNB) worth $36 million implies an approximate $186 million in profits in the third quarter of this year. In the fourth quarter of 2017, Binance made $200 million in profits, and that is the best quarter the exchange has ever seen. That was even the period Bitcoin (BTC) peaked at $20k and altcoins skyrocketed to the moon in weeks’ time.

In a tweet, Cermak said:

Binance just completed their 9th quarterly burn for Q3, in which it burned nearly 2.1 million BNB – more than in Q2 and Q3 combined. Since Binance burns 20 percent of profits, we can deduce that it make approximately $186 million in profits in Q3. This is the second-highest quarterly profit.”

Binance’s Strong Performance Is Attributed to the Additions Made to the Product Roaster of the Firm

Many have been wondering how Binance was able to pull such a huge achievement despite the recent performance of cryptos in the market. The price of Bitcoin (BTC) is down by about 50 percent and many altcoins are nothing to write home about, and these are what exchanges feed on. Cermak said:

These third-quarter numbers are surprising, to say the least. The spot volume of the exchange dried up in the last couple of months. The crypto has been down and yet the exchange just burned the equivalent of the second-best quarter in existence.”

The CEO of Binance – Changpeng Zhao – commented on the strong performance of Binance in a blog post. In the blog post, Zhao attributed the third-quarter success of Binance to the multiple additions made to the product roaster of the firm over the past three months. Also, the futures platform of the firm has already reached the top of the digital currency derivatives space. It is now the second-largest bitcoin futures trading platform at the press time.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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