Huobi’s revenue drops in 2022 while rivals Binance and OKX register gains

Data provided by the on-chain analyst CryptoQuant shows that Binance and OKX had good performance over the last two years, while Huobi’s revenue is down by nearly 100% along with FTX’s collapse.

According to CryptoQuant, Binance’s quarterly revenue rose from roughly $900 million at the start of 2021 to an all-time high (ATH) of around $4.5 billion at the end of the same year. Data shows that the largest crypto exchange earned nearly $3 billion by the end of 2022.

This puts Binance’s annual revenue at $12 billion, showing a 10x growth over the past two years, per CryptoQuant. The report comes as the largest crypto exchange by trading volume has been acquiring digital currency platforms in Indonesia and South Korea.

On the other hand, the bear market was not in favor of Huobi Global, a Seychelles-based virtual currency exchange. The platform’s quarterly revenue was roughly $250 million in 2020 and rose to $1.25 billion in mid-2021. 

By the end of 2022, however, Huobi’s “quarterly revenue dropped -98% since 2021 Q2,” per CryptoQuant.

OKX, a Malta-based platform, has grown by four times since 2021. The exchange, formerly known as OKEx, collected nearly $300 million from its spot trading fees in July 2022, according to CryptoQuant.

“They burn or buy back OKB tokens based on spot trading fee revenue. It was around $948M last year.”

CryptoQuant on OKX

Furthermore, the analysis claims that the bankrupt crypto exchange FTX “generated over $50M-120M for trading fees every month before its collapse.”