Binance’s annual revenue has grown 10x in the past 2 years, while OKX has grown 4x

According to CryptoQuant.com, Binance and OKX’s annual revenue has grown 10x and 4x respectively over the past two years, while Huobi’s quarterly revenue has dropped -98% since the second quarter of 2021.

Binance

Binance’s quarterly revenue started growing exponentially in 2021 and continued to grow throughout the year. The exchange's annual revenue will reach approximately $12 billion in 2022.

However, the exchange's trading volume began to decline in late 2022, which also reduced projected quarterly revenue. In December 2022, Binance lost 90,000 Bitcoin (BTC) from its reserves in one week.

The exchange withdrew $12 billion worth of funds in the past two months, according to data from January 9. The exchange’s trading volume also hit a two-month low on December 23, reaching $9.39 billion.

OK

OKX’s revenue has grown 4x organically over the past two years, according to CryptoQuant.

The exchange destroys its native token OKB or repurchases it based on spot transaction fee income. OKB tokens burned increased by 600% in 2021, from $12.5 million to $87.5 million. The token’s spot trading volume has grown in tandem, reaching nearly $3 billion in January 2022.

Huobi.com

Meanwhile, Huobi Global’s quarterly revenue has been steadily declining since April 2021.

In April 2021, the exchange recorded revenue of $1.25 billion, which only fell below $250 million in 2022. The exchange’s quarterly revenue is expected to be closer to zero by 2023, according to the data.

The exchange decided to exit China in November 2021, despite being the dominant exchange in the Chinese market at the time. In October 2022, the founder of Huobi sold his shares, equivalent to 60% of the company. In December 2022, the community learned that Huobi was struggling with winter conditions and may begin laying off employees.

Although Huobi’s CEO denied the claims on January 2, the exchange said it planned to lay off 20% of its staff on January 6. On January 5, over $60 million worth of cryptocurrency left Huobi’s reserves within 24 hours. On January 9, Huobi Korea announced that it would separate from Huobi Global and become an independent entity.