An Update By The Exchange reveals that Leading cryptocurrency exchange Binance burns 1.335 million BNB tokens. More so, this means that $639.4 million worth of the cryptocurrency is permanently out from circulation.
Furthermore, this move is part of Binance’s commitment to burn BNB in every quarter. The target is to to burn up to 50% of the cryptocurrency’s supply. Meanwhile, It goes further to day that 40% of the cryptocurrency’s supply is for the Binance team. So, The funds will remain untouchable with zero BNB tokens in use.
Notably, During Binance’s BNB Pioneer Burn Program, the exchange burns a total of 17,839 BNB. Additionally, it is to assist users who lost their assets in particular circumstances. Also, It has a record of assisting a user recover $98,000 worth of USDC. Which of course, is after they mistakenly sent the funds to the wrong address.
“#Binance Completes 17th Quarterly #BNB Burn”
“🔥🔥 $639M USD has been burned! 🔥🔥”
— Binance (@binance) October 18, 2021
More so, Binance notes that it welcomes regulation as CEO Changpeng Zhao reveals. Ie. mass adoption “requires regulation.”
Notably, CZ says that 95% of the population currently does not own any cryptocurrency. Then, will be more comfortable
“depositing money into a platform that’s licensed by some government body.”
Additionally, the CEO states that from Binance position in the market,…
…when “regulators think about crypto regulation, they look at Binance.”
As per the CEO, this will give the firm the chance to communicate with regulators.
Meanwhile, Binance this year has 500% growth in compliance team. But, also wants to double it, in order to “increase the freedom of money for people around the world.”
Lastly, There are currently 166.8 million BNB in circulation, with each token currently trading at around the $480 mark.
