Binance vs OKX: Revenue, Profit and Business Model
Binance reported $16B of revenue in FY2025 and — of net income. OKX does not publish annual revenue.
Latest financial snapshot
Financial summary
Binance
Binance does not publish audited accounts, so every revenue figure is an outside estimate. Fortune put 2022 revenue at about $12 billion. Bloomberg's billionaires index estimated $9.8 billion for the 12 months to March 2024, using tracked trading volume and published fee rates. In March 2026 Forbes quoted an Artemis analyst estimating $16 billion to $17 billion a year in 2024 and 2025, about two and a half times Coinbase's $6.6 billion. Forbes valued Binance at about $100 billion and estimated CZ's stake at roughly 90%. The only disclosed outside equity investment is MGX's $2 billion minority stake from March 2025, settled in the USD1 stablecoin. The largest known cost was the roughly $4.3 billion US penalty agreed in November 2023.
OKX
OKX is private and does not publish audited financial statements, so this profile lists no revenue figure. The verifiable numbers are capital-market and balance-sheet signals: ICE's March 2026 stake valued OKX at about $25 billion; the company paid more than $504 million to US authorities in 2025 ($420.3 million forfeiture plus an $84.4 million fine); and its monthly Proof of Reserves report showed about $22.96 billion in primary assets in August 2026, according to CoinLaw's tally. In 2026 OKX also said it was in no hurry to pursue a US IPO.
Revenue and profit by year
Binance
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $16B | — | 0.0% | +0.0% | Source |
| FY2024 | $16B | — | 0.0% | +63.3% | Source |
| FY2023 | $9.8B | — | 0.0% | -18.3% | Source |
| FY2022 | $12B | — | 0.0% | — | Source |
OKX
OKX does not publish annual revenue. What is known about its finances is in the summary above.
Full OKX financialsBusiness model and strategy
Binance
How it makes money
Binance earns most of its money from trading fees. Regular spot traders pay 0.1% per trade, or 25% less when they pay in BNB, and futures fees start at 0.02% for makers and 0.05% for takers, falling for high-volume VIP tiers. Derivatives carry most of the volume, so they carry most of the fee income.
Growth strategy
Under Richard Teng, and since December 2025 co-CEO Yi He, Binance has swapped its old borderless model for licences and a single home regulator. The ADGM authorisation, effective January 5, 2026, puts the main platform under Abu Dhabi's FSRA.
Competitive advantage
Liquidity is the moat. Binance has the most traders, so its order books are the deepest and its spreads the tightest, which draws more traders and market makers. Forbes put its share of global crypto trading at about 38% in early 2026.
OKX
How it makes money
OKX makes most of its money from trading fees: maker and taker commissions on spot trades and, above all, on perpetual swaps, futures and options. Further income comes from margin lending interest, Earn and staking products, fiat on-ramps and P2P services, institutional block trading and listings.
Growth strategy
OKX's growth plan rests on regulated expansion and product breadth. It secured MiCA in Malta, relaunched in the US after settling with the DOJ, opened hubs in Dubai, Singapore and Paris, and partnered with ICE for tokenized equities. In parallel it pushes pre-IPO perpetuals, tokenized real-world assets and the OKX Wallet to capture on-chain activity.
Competitive advantage
OKX's edge is a combined product: deep derivatives liquidity and a unified trading account on the exchange side, plus a widely used multichain self-custody wallet in the same app. The 2026 ICE stake adds a strategic link to a major US exchange operator, including planned access to NYSE-listed tokenized stocks and derivatives.
Questions about Binance vs OKX
Which company has higher revenue — Binance or OKX?
Binance reported $16.0B (FY2025). A verified revenue figure for OKX was not available at the time of this comparison.
What is the market cap of Binance vs OKX?
OKX has a market capitalisation of $25.0B. A public market cap figure for Binance was not available (it may be privately held).
Which is more financially efficient — Binance or OKX?
Binance generates $3.20M / employee in revenue per employee. A comparable figure for OKX requires matching employee and revenue data from the same reporting period.
How do Binance and OKX make money?
Binance and OKX generate revenue in fundamentally different ways. Binance: Binance earns most of its money from trading fees. OKX: OKX makes most of its money from trading fees: maker and taker commissions on spot trades and, above all, on perpetual swaps, futures and options.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Binance vs OKX overview