Binance burns USD 390 million worth of BNB tokens

The major cryptocurrency exchange Binance has completed its 16th quarter of Binance Coin (Bitcoin) Burn and destroy BNB worth more than 390 million U.S. dollars.

On July 18, Binance reported that it had burned 1,296,728 BNB tokens worth slightly less than US$400 million at the time.

The exchange noticed that another 5,163 BNB were burned through its Pioneer Burn Program – excitation Designed to help users who lost their tokens due to honest and wrong trading of smart contracts.

Binance bears the loss and returns tokens to users under certain circumstances. The exchange then deducts the number of these tokens from the total number of quarterly burns.

Binance has committed to destroy 20% of the exchange’s profits every quarter. The latest destruction indicates that the exchange may make a profit of US$2 billion in the second quarter of 2021.

In terms of legal value, the latest burn is the second largest burn in the history of Binance Coin. BNB worth $600 million was destroyed in March.

Despite the large scale of burning money, the incident seems to have little impact on the Binance Coin market, and the price of BNB showed a sideways trend over the weekend.

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At the time of writing, BNB is Trading fell less than 1% The price on the day was $301.66. It is currently down 56% from the historical high of US$686 set on May 10, but it is still up 700% since the beginning of the year.

Binance has been fighting against regulators in many aspects recently. The huge regulatory pressure comes from United Kingdom, Germany And Hong Kong.

In the UK, some commercial street banks also Reduce their customers to trade with exchanges As the country’s financial regulators crack down on unregulated cryptocurrency trading platforms.

July 16, Binance Suddenly stopped selling its stock tokens.