Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been profitable every single quarter since it launched in mid-2017.

In its most recent quarterly report, published last week, Binance said it generated a net profit of $829 million in the first quarter of 2020. That’s more than double the $202 million profit it generated in the fourth quarter of 2019 and a massive increase from the $7 million profit it made in the first quarter of 2019.

So how does Binance make so much money?

The key to Binance’s success is its business model. Unlike most traditional financial companies, which make money by charging fees for their services, Binance doesn’t charge any fees for trades.

Instead, it makes money by charging a small fee (0.1%) on each transaction that goes through its platform.

This might not sound like much, but when you consider that Binance processes billions of dollars worth of trades every day, those fees quickly add up. In fact, they add up so quickly that Binance was able to generate $1.

26 billion in revenue in 2019, despite only being in operation for less than two years.

Of course, not all of that revenue is profit. Binance also has to spend money on things like employee salaries, office rent, and servers.

But even after accounting for all of its expenses, Binance was still left with a healthy profit of $446 million last year.

Looking ahead, there’s no reason to think that Binance won’t continue to be profitable. The cryptocurrency market is still in its early stages and is only going to grow larger in the years ahead.

As it does, more and more people are going to turn to Binance to buy and sell cryptocurrencies, which will mean even more fees for the company.

So how much profit does Binance make? A lot. And as the cryptocurrency market continues to grow, there’s a good chance that Binance’s profits will grow right along with it.