How Much Do Crypto Exchanges Profit Off?
According to assessment by Bloomberg, ten largest crypto exchanges bring in profits to the amount of 3.5 million dollars a day. Given cryptocurrencies did not even exist before 2009, benefit like that is remarkably striking compared to the historical background of other industries.
At the same time Asian exchanges are reigning supreme in the global crypto industry. As estimations show, both Tokyo’s Binance and Hong Kong’s OKEx trade currencies to the tune of more than $1.7 bln daily followed by Huobi (Singapore), Bitfinex (Hong Kong), Upbit (South Korea) and Bithumb (South Korea). Over 50% of everyday cryptocurrency deals are estimated to be done at Asian exchanges. Recent decision to get involved into the market adopted by the Securities and Futures Commission in Hong Kong may mark the start of a shift from Asia. Hong Kong is not the only location becoming less favorable for crypto exchanges. Greater focus on the industry placed by governments of Japan, China and other countries has resulted in Binance expanding its activity to Malta where the company will offer fiat exchange option. The strategy is to help Binance to remain within legal framework and extend the geographic reach for the Binance users.