Binance «сожгла» 1.2 million BNB worth $390 million – Bits Media

Binance Cryptocurrency Exchange Completes Sixteenth Quarterly Burn 1 296 728 BNB worth about $390 million. 5 163 BNB were destroyed as part of the Pioneer Burn program.

According to Binance, 1 296 728 BNB were destroyed as part of the planned sixteenth quarterly "Burning" tokens. The total cost of burned coins exceeds $390 million. Wherein 5 163 BNB were destroyed as part of the Pioneer Burn exchange program - incentive systems, which are aimed at helping users, Lost crypto assets due to erroneous transactions with smart contracts.

Binance covers losses, Returning coins to users under certain circumstances. Then these BNB are written off the exchange as part of quarterly combustions. Binance pledged to burn 20% Each quarter exchanges, Moreover, the latest data indicate, that the site could make a profit in the amount $2 billion in the II quarter 2021 of the year.

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

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.

— CZ Binance (@cz_binance) July 18, 2021

The latest destruction was the second largest in the history of Binance in terms of fiat money: In March, BNB was destroyed worth about $600 Milln at the time of burning. In the third quarter of last year, Binance "burned" 2.2 bnb of $68 million.

Despite the scale of the last BNB destruction, This event did not have much influence on the Binance Coin markets, Since the price of a crypto acting last weekend was in the side trend. According to Coinmarketcap, 19 july, as of the first half of the day, BNB is traded in $298, Demonstrating a decrease on 2.2% per day.

At the end of last week, Binance announced the cessation of trading tokens, Not indicating the reason for this decision. More likely, This is due to the pressure of regulatory authorities - at the end of June, the FCA of Great Britain forbidden the exchange to provide part of the services.

At about the same time with FCA, the Japanese financial services agency (FSA) Published a warning, that Binance works in a country without a license and does not have a permission of regulators for conducting activities in Japan. At the beginning of the month, SEC Thailand accused Binance of illegal operations, The Kaiman Islands regulator announced the absence of a license from the exchange, And the Polish and Italian regulators warned against trading on the site.