Your "almost certainly its net profit is <$10Bn" is the incorrect assumption.
Binance's Profit is >$10Bn/year on avg because their margins are much, *much* higher than GS. Binance avg. Profit has been higher than GS since ~2022.
GS has a higher market cap, but it is also publicly listed and the founder didn't go to prison for violating BSA, so its access to capital is a heck of a lot better.
Even if 2025 gave GS outsized PnL and Binance undersized during crypto bear (I don't have Binance 2025 data), they'd be about the same on average.
So under weaker assumptions, they've made roughly the same money.
Despite Goldman having:
1) A 148 year head start
2) ~30% of the US Treasury Secretaries over the last 30 years
3) unadulterated access to capital markets - both increasing their market cap and ability to grow the business.
@cz_binance
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Deployment detected for @capapp
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