Binance Burns 1.3M BNB Tokens
- The exchange has also unlocked and moved 16 million BNB tokens to a team address, as scheduled in the BNB whitepaper.
- Binance also destroyed 5,163 BNB tokens through its Pioneer Burn Program, which aims to help users who have lost tokens through a honest mistake.
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The largest exchange by traded volume, Binance, has completed its 16 quarterly Binance Coin (BNB) burn, destroying almost 1.3 million BNB tokens, Changpeng “CZ” Zhao tweeted on 18 July.
This quarterly burn turned out to be the second-largest by fiat value in the exchange’s history, having destroyed little less than $400 million worth of BNB tokens. Back in April, Binance burned a almost 1.1 million BNB, and while the count is lower than the current one, the tokens were worth around $600 million at the time.
The exchange also noted that an additional 5,163 BNB tokens were burned through its Pioneer Burn Program, which was launched back in September 2020, and tries to help users recover tokens that have been lost through a honest mistake. If approved, a user will receive his tokens back, while Binance deducts the tokens from the quarterly burn.
CZ, Binance’s CEO, also revealed that an additional 16 million BNB had been unlocked and moved to a team address, which was according to the schedule in the BNB whitepaper. CZ also reminded users that the Binance team had “never used or sold a single #BNB thus far”, and has only burned them.
While the massive burn indicates a profitable quarter for Binance, the exchange has continued to face regulatory pressure on multiple fronts. The exchange has received warnings from multiple financial regulators the last month alone, including the U.K., Italy, Hong Kong, and Lithuania. Last week Binance also announced it will be terminating the support for its stock tokens, only 3 months after it launched the offering.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.