Binance has completed its 16th token burn, removing 1,296,728 BNB from circulation as planned.
Another 16 million BNB has been unlocked and moved to a team address.
Binance, a cryptocurrency trading platform, held its 16th quarterly Binance Coin (BNB) token burn on schedule. Recently, over 1.2 million Binance Coins (BNB) worth $400 million were burned. Furthermore, as stated in the whitepaper, the remaining 16 million BNB coins have been unlocked and transferred to the team account.
We have completed our 16th quarterly BNB token burn of 1,296,728 BNB (approximately $393,673,653.52 equivalent), according to Binance’s official announcement. The most recent quarterly burn was 1,291,565 BNB, with an additional 5,163 BNB effectively incinerated through the Pioneer Burn Program.
The process of coin burning eliminates the corresponding BNB coins from circulation totally. The amount of BNB coins burned is determined by the number of deals made by the exchange each quarter. Every quarter, 100,000,000 BNB coins will be burned, bringing the total number of BNB coins out of circulation to 100,000,000.
Binance Coin (BNB) has dropped 50% from its all-time high of over $600 during the current crypto market downturn. BNB is currently trading at a price of $299, with a market capitalization of more than $50 billion as of this writing. Binance Coin (BNB) is still the fourth-largest cryptocurrency by market capitalization.
Binance Deep in the Ocean
Binance, a cryptocurrency exchange, has recently had a difficult time. Regulators all across the world are slamming the world’s largest crypto exchange by trading volume. Binance has received notice from regulators in Thailand, Tokyo, Germany, Singapore, Italy, Hong Kong, and other countries, beginning with the FCA in the United Kingdom.
Moreover, a number of Binance’s payment partners have ceased to work with the company. The regulators are even more irritated by Binance’s lack of a single global headquarters. Since leaving China in 2017, the crypto exchange has been regularly relocating its location. Binance recently shut down its stock tokens program due to regulatory pressure. As Italy and Hong Kong join the regulatory crackdown, Binance suspends its stock tokens service.
As Binance continues to undergo regulatory scrutiny, CEO Changpeng Zhao discussed the exchange’s position. The CEO praised the regulatory efforts, saying they will lay the groundwork for a strong future. More laws, according to CZ, are really great signals that an industry is evolving, as they lay the groundwork for a broader public to feel safe participating in crypto. In the long run, I believe that a well-developed legal and regulatory framework will be a stable basis that will genuinely make crypto indispensable in everyone’s daily lives.
BNB investors and customers have gained some hope as a result of the CEO’s statement. We anticipate Binance not only navigating around the laws, but also taking corrective action in this direction.
Binance is a cryptocurrency that was created by Binance. Tokenized Stocks BNB Token Burn BNB Price/n
