{"id":6350,"date":"2021-07-19T10:25:34","date_gmt":"2021-07-19T09:25:34","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=6350"},"modified":"2021-07-19T10:25:43","modified_gmt":"2021-07-19T09:25:43","slug":"binance-burns-bnb-tokens-worth-390m","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/binance-burns-bnb-tokens-worth-390m\/","title":{"rendered":"Binance burns BNB tokens worth $390M"},"content":{"rendered":"\n
The burning of tokens in the crypto space<\/a> is one thing that is said to help token price. Binance as usual has destroyed about $400 million worth of BNB in its 16th quarterly token burn event.<\/h5>\n\n\n\n
\"Binance<\/figure><\/div>\n\n\n\n

Binance, the world's largest cryptocurrency exchange\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, has completed its 16th quarterly Binance Coin (BNB) burn, burning nearly $390 million in BNB.<\/p>\n\n\n\n

Binance announced on July 18 that it had destroyed 1,296,728 BNB coins worth slightly under $400 million.<\/p>\n\n\n\n

A total of 5,163 BNB were destroyed through the exchange's Pioneer Burn Program, which is designed to assist users who have lost tokens due to honest mistakes in smart contract transactions.<\/p>\n\n\n\n

Binance compensates for the losses by returning tokens to users in certain conditions. The exchange then subtracts these token amounts from the quarterly burn totals<\/a>.<\/p>\n\n\n\n

In summary: 1,296,728 #BNB (390,855,150 USD) burned by @Binance.<\/p>

The remaining 16m BNB unlocked, and moved to a team address, according to the schedule in the white paper.#Binance team has never used or sold a single team #BNB thus far, only burned them.<\/p>

\u2014 CZ Binance (@cz_binance) July 18, 2021<\/p><\/blockquote>\n\n\n\n

Binance has vowed to burn 20% of the exchange's revenues every quarter, with the most recent burn implying that the exchange made $2 billion in profit in the second quarter of 2021<\/a>.<\/p>\n\n\n\n

The recent burn is the second-largest in terms of fiat value in Binance Coin's history, after a massive $600 million worth of BNB was destroyed in March.<\/p>\n\n\n\n

Despite the size of the burn, it appears that the incident had minimal impact on Binance Coin markets, with BNB values moving sideways over the weekend.<\/p>\n\n\n\n

BNB was trading at $301.66 at the time of writing, down less than 1% for the day. It is presently down 56% from its all-time high of $686 set on May 10th, but it is still up 700% since the start of the year.<\/p>\n\n\n\n

Binance has recently faced up against regulators on numerous fronts, with the United Kingdom, Germany, and Hong Kong<\/a> exerting strong regulatory pressure.<\/p>\n\n\n\n

As the country's financial regulator cracks down on unregulated cryptocurrency trading platforms, a number of high street banks in the United Kingdom have barred their customers from transacting with the exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"

The burning of tokens in the crypto space is one thing that is said to help token price. Binance as usual has destroyed about $400 million worth of BNB in its 16th quarterly token burn event. Binance, the world’s largest cryptocurrency exchange , has completed its 16th quarterly Binance Coin (BNB) burn, burning nearly $390 […]<\/p>\n","protected":false},"author":12,"featured_media":6352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,834],"tags":[326,653,1587,1588],"class_list":["post-6350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-binance","tag-binance","tag-binance-smart-chain","tag-bnb-tokens","tag-token-burn"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/07\/Binance-burns-BNB-tokens-worth-390M.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=6350"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/6352"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=6350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=6350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=6350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}