Binance which is a well known and the largest crypto exchange across the world has recorded the highest quarterly volume. This high volume is for the first quarter of this year, which is Q1 2020. Through the data, it has been revealed that Binance has earned a profit of more than $262.33 million in this quarter.

According to the official sources of the exchange, it burns around 20% of its profit in each quarter. Recently, these metrics have been changed and this was the 11th quarterly BNB burn by the exchange. In this it has burned 3,373,988 BNB which are worth more than 52 million USD. The previous high before this one was in the last quarter of 2019, Q4 2019 and the total profit of that quarter was $190 million.
<blockquote class="twitter-tweet">
11th <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BNB</a> Burn | First Quarter Highlights and Notes from <a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw">@cz_binance</a>
For our 11th quarterly BNB Burn, <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> burned 3,373,988 <a href="https://twitter.com/hashtag/BNB?src=hash&amp;ref_src=twsrc%5Etfw">#BNB</a>, equivalent to 52.4 million <a href="https://twitter.com/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USD</a>.

This is the biggest BNB burn ever recorded, in terms of both BNB and fiat volume. <a href="https://t.co/dDHk54J8Mp">https://t.co/dDHk54J8Mp</a> <a href="https://t.co/GMw3oV3SDW">pic.twitter.com/GMw3oV3SDW</a>

— Binance (@binance) <a href="https://twitter.com/binance/status/1251342788223922176?ref_src=twsrc%5Etfw">April 18, 2020</a></blockquote>
<h2>Binance gained dominance in the derivatives market</h2>
According to the previous metrics of the exchange, the profit was more than $1 billion after the 9th coin burn which took place in the third quarter of 2019. Now the overall profit of the exchange has reached $1.487 billion. This clearly means that there has been an addition of around 452 million to this profit.

Although Binance is already the largest crypto exchange through this recent development it has reached to the top in the derivatives market also. Recently, Binance has also launched options on its future trading platform which is another major step in expanding the business.

The BNB coin has been specially designed to burn around 46% of its total supply. This will keep going like this until and unless it doesn’t reach 100 million tokens. On a daily basis, it could be seen that the price has been facing a resistance of $17.3. In response to this, the price has now broken above the moving averages. However, it is yet to be seen how the exchange is going to perform in the rest of the year amid the economic crisis.

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Binance Records Highest Quarterly Volume for Q1 2020

Binance which is a well known and the largest crypto exchange across the world has recorded the highest quarterly volume.

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

Binance Records Highest Quarterly Volume for Q1 2020

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