BSCN
by BSCN
July 16, 2022
Nearly 2 million $BNB have been burned in 5 years, with the ultimate goal of burning 100 million tokens.
Binance has completed yet another $BNB auto-burn and Binance CEO Changpeng Zhao (“CZ”) shares his thoughts.
Announced via the Binance Blog, global cryptocurrency exchange Binance has completed its third quarterly burn of 2022, with a total of 1.96 million tokens removed from circulation in five years.
This burn is part of a commitment Binance made upon its inception in 2017 to be a deflationary token. Overall, the exchange is looking to burn 100 million $BNB which accounts for half of the total supply in circulation.
Zhao offered his thoughts on year 5 of the BNB burn.
Zhao said, “During this downturn and all market cycles, our goal is to continue building and investing in the industry and projects to spur adoption and further infrastructure growth.”
Zhao references Polygon ($MATIC) as an example. Binance Labs, the investment arm of Binance, supported Polygon during the 2018-19 bear market.
Zhao commented on a number of other topics including regulations and the future of Binance.
Regulations:
“We also want to underline our commitment to regulatory compliance and achieving the highest standards alongside regulators, policymakers, and industry players. We will continue to be involved and support smart regulations that protect users and encourage innovation in a sustainable manner.”
The future of Binance:
“We’ll continue collaborating with regulators to achieve our mutual goal of protecting users and consumers. We’ll also work to further establish the industry and bring more adoption and legitimacy as a responsible player.”
The total number of tokens removed is automatically calculated according to the Auto-Burn formula which can be found here. The real-time BNB burning information can also be found here via a third-party website built by the BNB community.
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto!
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!
Looking for a job in crypto? Check out the CryptoJobsNow!
Latest News
12h : 56m ago
Donald Trump Says He “Don’t Know Much About” $TRUMP Amid ETF Reports
15h : 41m ago
US SEC Announces New Crypto Task Force Led by Hester Peirce
16h : 56m ago
US President Donald Trump Pardons Ross Ulbricht, Creator of Silk Road
January 21, 2025
Ethereum Foundation Allocates 50,000 ETH to Strengthen Its DeFi Ecosystem Participation
January 21, 2025
Trump-Backed World Liberty Financial Makes Major Crypto Purchases to Mark Inauguration
January 21, 2025
Trump Expected to Sign Executive Orders Easing Bank Ownership of Crypto Assets: Report
January 21, 2025
Mark Uyeda Named Acting SEC Chair After Gary Gensler Resigns
January 20, 2025
Students for Trump Co-founder Under Fire After Selling Half of 'TikTok' Memecoin