Burn, Burn, Burn

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.  

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