It didn't
> Even if their effective fee is only 1/100 of a percent that's $4 million.
It's not.
The reason? They "traded" fictitious currencies whose "value" is pure speculation and nonsense. Their fees are also denominated in these fictitious currencies.
However, neither the offices they rent nor the people they employ have any interest in these, because rent and salaries are paid in something that actually has value: the dollar.
Now, where does the actual money come from is a good question, but I'm too lazy to read their SEC filing.
In 2018, 90% of employees received their salaries in BNB
https://www.ccn.com/90-of-employees-at-major-crypto-exchange...
Given their "grossly inaccurate filings" I wouldn't trust random tweets https://www.ft.com/content/3fb2f6cf-e132-43f4-9d6a-34fd13eb8...
They had $365mm in revenue from transactions. They has $1.1b in expenses. $550mm is employee/r&d.
Then comes office infrastructure, if any and cloud assets.
They have >4k employees. Assuming they make US minimum wage, they would cost almost 240,000,000/yr. It’s almost certainly MUCH higher.
They spend $550b a quarter on R/D. That’s likely mostly salary.
https://s27.q4cdn.com/397450999/files/doc_financials/2022/q3...
What does b stand for again…