Binance gets more profit in Q1 than Deutsche Bank
According to the numbers first compared by entrepreneur Alistair Milne, Binance has received more revenue than the powerful fiat Deutsche Bank — $200M vs. $146M.
TIL: several Bitcoin exchanges are more profitable than Deutsche Bank (which made €120million in the last quarter)https://t.co/lP177P3EMI
— Alistair Milne (@alistairmilne) April 26, 2018
The biggest mistake here would be to think that Deutsche Bank has better financial reputation — reports form the world of traditional finance and banking business suggest that this organization was involved in money laundering. This has also been confirmed by the new Malta Financial Services Authority chairman who called it a well-known fact.
The news on Deutsche Bank indicates that even existing banking regulations are not enough to prevent all cases of money laundering, and digital currency exchanges are often being characterized as laundromats by market conservatives. Meanwhile, the Upbit exchange has invented its own mechanism which actually helps to prevent frauds in the sphere of initial coin offerings (ICOs). Some observers jokingly suggest DB to turn into a digital currency exchange while it still has a chance to do so.
I really think Deutsche Bank should scrap all of its restructuring plans and just rebrand to Deutsche Crypto and become a cryptocurrency exchange. It's not too late @DeutscheBank.
— Joseph Young (@iamjosephyoung) April 26, 2018
In other financial accounting news, Samsung’s first quarter of this year has been profitable partly thanks to the mining chips the company decided to produce and sell for mining firms in China.
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