So far this year, in the first quarter of 2018, Deutsche Bank, Germany’s top bank and one of the EU's leading financial institutions, recorded a profit of $146 million, while Binance, a startup with 200 employees, after just eight months of operation recorded a profit of $200 million and managed to beat out a banking giant with 100,000 employees.
Changpeng Zhao, the CEO at Binance, known in the cryptocurrency space as CZ, wrote on March 3:
“Binance is the world’s largest cryptocurrency exchange. In the first 3 months from inception, profits amounted to $7,500,000 USD. In the 2nd quarter, profits amounted to $200,000,000 USD. The 3rd quarter is still in progress, and is expected to have further growth. Any country that can attract Binance to open a branch in their location will receive a handsome tax income revenue.”