Binance Burns $639 Million Worth of $BNB Tokens - Bitxcon
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Binance Burns $639 Million Worth of $BNB Tokens
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Binance Burns $639 Million Worth of $BNB Tokens

The most popular cryptocurrency exchange Binance has revealed that the burning of 1.335 million $BNB tokens. This means $639.4 Million worth of cryptocurrency has been removed from circulation.

In a report released by Binance, it was part of Binance’s pledge to burn BNB every quarter until 50 percent of the cryptocurrency’s supply is burnt. It also notes that 40 percent of the supply was given for the Binance team, but these cash reserves “remain untouched, with zero $BNB tokens having been used or sold.”

1783 BNB were burned in the Binance’s BNB Pioneer Burn Program, which was designed to assist those who have lost their money under certain situations. This quarter, it has helped an individual recover $98,000 of USDC after they accidentally transferred the money to an incorrect address.

In its announcement, the troubled exchange said it is open to regulation because, according to the chief executive Changpeng Zhao, mass adoption “requires regulation.” In the post, CZ estimates that 95 percent of the population doesn’t own any cryptocurrency, and would feel more content “depositing money into a platform that’s licensed by some government body.”

The CEO pointed out that, given the position of Binance on the market “regulators think about crypto regulation, they look at Binance.” This is, according to him, provides the firm with the opportunity to interact with regulators. Additionally, CZ wrote that effective regulations “generate positive long tail effects.”

The exchange has this year increased its compliance staff by 500%. It intends to increase it by a third, in order of “increase the freedom of money for people around the world.”

The $BNB tokens burn is viewed as a positive thing for the holders of the token, as the quantity of BNB on the market decreases. There are at present 166.8 million BNB in circulation, and the tokens currently trading at around $480.

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