Analysis: Binance's fines and theft losses over the past five years reached $10.7 billion, equivalent to 56% of pre-tax profits.

BlockBeats news, November 3 — K33 Research head of research Vetle Lunde estimates that Binance's pre-tax profit from 2021 to 2025 was approximately $19.2 billion, while known fines and hack-related losses totaled about $10.7 billion, equivalent to 56% of pre-tax profit over the same period.

Of this, Binance's known fines amount to approximately $4.34 billion, including $4.32 billion paid in the 2023 U.S. criminal settlement and about $20 million in fines imposed by regulators in other countries. On the hack front, Binance lost approximately 7,000 BTC in 2019, worth about $41 million; the hack in October 2026 caused losses of approximately $6.34 billion, bringing total related losses to about $6.38 billion.

However, approximately $3 billion from the latest hack has been frozen on-chain, and Binance is still expected to recover some of the funds. Binance also used 7,500 BTC from its SAFU fund to cover about 9% of the losses. Since Binance has never published consolidated group financial statements, the above profit and cost figures are all estimates.

The report also noted that Binance's tracked asset scale has fallen more than 11% since the October 29 hack, to approximately $128.3 billion. As competitors Coinbase, Kraken, and OKX continue to expand, fines, hacks, and the contraction in asset scale could squeeze Binance's investment capital and put pressure on its expansion plans.