Binance Burns Nearly Two Million BNB Tokens In Its 20th Quarterly Burn

Twitter icon  •  Published il y a 2 mois  •  Hassan Maishera

Leading cryptocurrency exchange Binance has announced the burning of nearly 2 million BNB tokens in its quarterly burning event.

Binance, the world’s largest cryptocurrency exchange by daily trading volume, has announced the successful burning operation of its BNB tokens in the last quarter. 

In a blog post published on Wednesday, Binance said the 20th quarterly BNB token burn of 1,959,595.29 BNB (approximately $444,632,106) has been completed. The token burn was completed as per BNB Auto-Burn procedure.

The cryptocurrency exchange added that the latest quarterly burn includes 4,181.77 BNB that was effectively burned via the Pioneer Burn Program.

Binance said it is committed to removing 100 million BNB tokens from circulation, a mandate it had taken upon itself since the crypto exchange was launched in 2017. The number of tokens removed is automatically calculated according to the Auto-Burn formula. This burn mechanism was introduced in the last quarter of 2021.

In the past, BNB burns reflected the tokens’ usage and revenue generated in the Binance centralized exchange. However, Binance introduced the BNB Auto-Burn to replace the previous burn mechanism thanks to the feedback from the community.

With the BNB Auto-Burn, the burning process is completely independent of the Binance cryptocurrency exchange. Furthermore, the BNB Chain will still continue to burn a portion of BNB Chain’s gas fees in real-time. 

This latest quarterly burning marks the fifth anniversary of the activity. Binance’s CEO Changpeng Zhao commented on this milestone, stating that;

“At Binance our focus is always on supporting ecosystem growth. During this downturn and all market cycles, our goal is to continue building and investing in the industry and projects to spur adoption and further infrastructure growth.

As we look back over the past five years, our hard work to adapt and evolve from a disruptive startup to a respected global institution is evident. We have always put our users first and at the center of our core values, ensuring their best interest and protection. We also want to underline our commitment to regulatory compliance and achieving the highest standards alongside regulators, policymakers, and industry players. We will continue to be involved and support smart regulations that protect users and encourage innovation in a sustainable manner.”

Binance is the world’s largest cryptocurrency exchange. According to data obtained from Coinmarketcap, Binance processes over $16 billion in trading volume daily. Binance reviews have been stellar over the past five years as the exchange quickly rose to become the leading digital asset exchange in the world. 

Binance vs. Coinbase is one of the biggest comparisons in the crypto space and rightly so. However, Binance is currently leading as it is a bigger company.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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