Binance conducts its 16th quarterly Binance Coin (BNB) token burn worth $400 million

   2021-07-19 11:07

  • Binance conducts its 16th token burn as per the schedule eliminating 1,296,728 BNB out of circulation.
  • Another 16m BNB unlocked have been moved to a team address.

As per the schedule, crypto trading platform Binance conducted its 16th quarterly Binance Coin (BNB) token burn. Over 1.2 million Binance Coins (BNB) have been burnt recently worth $400 million. Moreover, the remaining 16 million BNB coins have been unlocked and moved to the team address as scheduled in the whitepaper.

The official announcement from Binance also reads:

We have completed our 16th quarterly BNB token burn of 1,296,728 BNB (roughly $393,673,653.52 equivalent). The latest quarterly burn includes the actual burning of 1,291,565 BNB, plus an additional 5,163 BNB that was effectively burned via the Pioneer Burn Program.

The process of coin burning removes the equivalent BNB coins completely from circulation. The amount of BNB coin burning depends on the number of trades the exchange conducted every quarter. The BNB coin burning will happen every quarter until a total of 100,000,000 BNB coins go completely out of circulation.

During the recent crypto market correction, the Binance Coin (BNB) price has corrected 50 percent from its all-time high above $600. At press time, BNB is trading at a price of $299 with a market cap above $50 billion. Binance Coin (BNB) still continues to enjoy its position as the fourth-largest crypto by market cap.

Binance Under Deep Water

Crypto exchange Binance has been going through a pretty rough phase recently. The world’s largest crypto exchange by trading volumes is facing major backlash from regulators across the world. Starting from the U.K’s FCA, Binance has received notice from regulators in Thailand, Tokyo, Germany, Singapore, Italy, Hong Kong, and others.

Besides, several payment partners for Binance have also discontinued their partnerships. The fact that Binance doesn’t have a single global headquarter has irked the regulators more. The crypto exchange has been constantly shifting base ever since moving out of China in 2017. Recently, Binance discontinued its stock tokens service amid the regulatory backlash.

As Binance continues to face the regulatory heat, CEO Changpeng Zhao spoke about the exchange’s stand on this matter. The CEO welcomed the regulatory actions saying they will pave the way for a solid foundation in the future. CZ said:

More regulations are, in fact, positive signs that an industry is maturing, because this sets the foundation for a broader population to feel safe to participate in crypto. I believe a well-developed legal and regulatory framework in the long term will be a solid foundation that truly makes crypto essential in everyone’s daily life.

The statement from the CEO has given some hope to the BNB investors and its customers. We expect that Binance would just not navigate around the regulations but rather take corrective measures in this direction.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin39,814 0.36 % 4.07 % 12.29 %
Ethereum2,644.5 1.14 % 1.68 % 19.69 %
Tether1.000 0.13 % 0.43 % 0.05 %
Binance Coin335.80 0.59 % 1.40 % 9.93 %
Cardano1.330 0.39 % 2.42 % 7.85 %
XRP0.7540 0.31 % 0.73 % 23.08 %
USD Coin1.000 0.11 % 0.26 % 0.19 %
Dogecoin0.2064 0.21 % 3.17 % 2.02 %
Polkadot18.36 0.21 % 3.67 % 33.01 %
Binance USD1.000 0.14 % 0.18 % 0.43 %
Uniswap22.69 0.84 % 0.19 % 23.42 %
Bitcoin Cash558.31 0.43 % 1.27 % 22.75 %
Chainlink23.20 1.25 % 1.09 % 38.05 %
Litecoin144.42 0.33 % 1.23 % 12.49 %
Solana34.14 0.72 % 4.29 % 20.55 %
Wrapped Bitcoin39,818 0.34 % 3.90 % 12.52 %
Polygon1.070 0.54 % 1.50 % 13.40 %
Ethereum Classic51.95 0.39 % 0.66 % 6.66 %
Stellar0.2832 0.32 % 2.27 % 7.30 %
Theta Network5.930 1.29 % 3.97 % 4.43 %