Binance Burns Over $35M in BNB
Main page News, Exchange, Binance, Crypto Market, Cryptocurrency Exchanges, Cryptocurrency
Hot topic
Oct. 17, 2019
235 235

Malta-based cryptocurrency exchange Binance has burned over 2 million BNB tokens (~ $36,700,000 USD) on October 17th, 2019.

As the official announcement states, the exchange has burned roughly half of the tokens from the team addresses and half from other cryptocurrency wallets owned by the exchange.

Binance Burns Over $35M in BNB

Binance also claims it does not buy back any of binance coin for the burn.

"There are some other communities that think conducting a buy-back is better. But think about it: a platform’s main income should already be in their native platform token, and the only way to get the cash to do a buy-back is to sell their tokens first. So, to do a buy-back, they must sell first, then buy back," the exchange clarified.

Recently iHodl reported that SIX, Switzerland's largest stock market, listed Binance BNB token trading to its platform. In order to do so, Binance teamed up with Swiss ETP issuer Amun to launch an ETP linked to the BNB. This new exchange-listed product (ETP) will start trading today on the platform under the ABNB ticker.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error