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Binance Destroys $26 Million Worth of Its Team’s BNB Tokens

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Binance, the world’s top exchange by trading volume, says it has completed the eight quarterly “burn” of Binance coin (BNB) tokens.

The exchange posted Friday that the burn – the industry term for destroying tokens – comes in accordance with its white paper and involved 808,888 BNB previously allocated to the Binance team.

The amount was worth around $23.8 million, Binance said, though CoinDesk found the total higher at $26.4 million at time of writing. At press time, BNB was worth almost $32, up 5.95 percent over 24 hours, according to CoinMarketCap.

The burn transaction can be seen here and in the image below.

“Starting with this burn, Binance will relinquish the BNB tokens allocated to the Binance team and contribute this BNB towards our commitment to burning a total of 100 million BNB,” said the exchange.

Binance indicated that the team’s 80,000,000 BNB allocated tokens make up 40 percent of the total BNB supply.

In a blog post on the burn, the firm said the tokens had been allocated to “reward to the work they have put into building the Binance ecosystem.”

“The eventual total supply of BNB will still be 100,000,000 BNB. The current total supply of BNB is 189,000,000 BNB, which means that 89,000,000 BNB still need to be burned,” said the firm, adding:

“The team will burn off the 80,000,000 BNB team allocation first, and the remaining 9,000,000 BNB will be burned by Binance.com exchange.”

CoinDesk reached out to ask if the team will in some way compensated for relinquishing the millions in BNB.

Binance CEO Changpeng “CZ” Zhao said:

“Binance still earns revenues and is a profitable organization. They get paid in BNB, little by little.”

source:coindesk

Binance

Binance Burns More Crypto Tokens as Quarterly Profits Surge

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There has been little to get excited about this week on crypto markets. The bears have ramped up the pressure and the selloff has continued resulting in $14 billion leaving the space since late last week. Leading exchange Binance is soldiering on regardless and has just completed another coin burn.

Binance Burns 2 Million BNB

The world’s leading crypto exchange Binance has just completed its quarterly coin burn resulting in the destruction of just over 2 million BNB.https

The exchange based token had been one of the year’s top performing altcoins until it dumped over 60% in a fall from $40 to $15. It is still up overall though and the coin burns serve to decrease the circulating supply.

At today’s prices the burn is the equivalent of $36.8 million and the supply has dropped to 185.5 million tokens. The company plans to destroy BNB each quarter based on the trading volume on the exchange, this will continue until 50% of the total supply, 100 million BNB, is burned.

The Block’s Larry Cermak has been doing some calculations to arrive at the conclusion that Binance has just had its second highest quarterly profit. He added that this 9th coin burn was higher than Q2

“Since Binance burns 20% of profits, we can deduce that it made approximately $186 million in profit in Q3. This is the second-highest quarterly profit”

He added a few more charts showing that 14.5 million BNB have been burned so far leaving 85.5 million to go. The numbers are surprising when volumes and current market conditions are considered;

“Binance’s spot volume dried up in the last few months. The market has been dead and yet Binance just burned the equivalent of the second-best quarter in existence.”

Cermak also observed that the average daily volume in October is 2.6 times smaller than volume in June, adding that this indicates Binance must be generating a lot more from other branches – such as Futures and peer to peer OTC crypto trading in China.

He added that Binance quietly changed their whitepaper in April to remove the clause about the firm using 20% of its profits to buy back BNB and revenue for exorbitant listing fees has been replaced by other sources.

BNB Crypto Market Reaction

At the time of writing Binance Coin has not reacted and was trading marginally down on the day. It is currently priced at just over $18 which is flat on the week but down 12% on the same time last month. Daily volume is around $237 million according to Coinmarketcap.com and BNB is currently ranked seventh with a market capitalization of $2.8 billion. It has not been able to escape the bears and has fallen with the rest of the crypto market over the past three months, shedding over 60% since its epic pump to $40 in June.

Source:newsbtc

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Binance Rakes in $186 MM in Profits in Q3 2019; Burns 2.1 MM Binance Coin [BNB]

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Binance, in a recent update, announced that it has completed its 9th BNB Token Burn. A total of 2.1 BNB coins have been burnt. The figures are more than Q2 and Q3 combined.

Profits Worth $186 Million Made by Binance in Q3

Source- Twitter

Binance burns 20% of its profits every quarter. Thus, it can be deduced that it made profits worth $186 million in Q3. The leading cryptocurrency exchanges had tweaked its whitepaper earlier to remove the clause of burning 20% profits. However, the figures are the same, as confirmed by a Binance spokesperson.

Source- Twitter

Binance CEO, Changpeng Zhao (CZ), also posted a tweet sharing his enthusiasm and announcing the token burn. He said its a big announcement and if the audiences are worried about crypto they shouldn’t be!

Leading data researcher Larry Cermak shared that Binance burns 20% of profits every quarter until 100 million BNB is burned. So far, in the last 9 quarters, Binance burned 14.5 million BNB, which means it still has to burn 85.5 million. He further said that Binance cumulatively crossed $1 Billion in profit and Binance has indeed diversified its stream of revenue.Advertisement

Source- Twitter

Speculations behind the token burn started surfacing when 2.29M BNB ($41.86M) were transferred from Binance to an unknown wallet. The speculations oscillated between a figure of 925K to even 2.3 M.

The first, second, third and fourth quarter of 2018 saw 986K, 1.82M, 2.22M, and 2.53 M BNB being burnt respectively, whereas, 1.62 M and 830K BNB were burnt in the first and second quarter of 2019. Furthermore, profits worth $50,013, 594 and $78,009,472 were made in 2019’s first two quarters.

Also, per a blog post on Sept. 12, Binance had announced that it will include all its products into quarterly BNB burns in accordance with community feedback. The new BNB burning practice will include tokens from Binance Futures. The last BNB token burn took place on the 11th of July. It was the 8th BNB token burn which removed 830K BNB tokens. Also, BNB slipped 5% on the day the burn was completed.

BNB Price Charts

At press time, BNB is trading at $18.18 with a price decline of 0.8%, as per data provided by CoinMarketCap.

Source- CoinMarketCap

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Binance

Binance Burns More Crypto Tokens as Quarterly Profits Surge

Published

on

There has been little to get excited about this week on crypto markets. The bears have ramped up the pressure and the selloff has continued resulting in $14 billion leaving the space since late last week. Leading exchange Binance is soldiering on regardless and has just completed another coin burn.

Binance Burns 2 Million BNB

The world’s leading crypto exchange Binance has just completed its quarterly coin burn resulting in the destruction of just over 2 million BNB.

The exchange based token had been one of the year’s top performing altcoins until it dumped over 60% in a fall from $40 to $15. It is still up overall though and the coin burns serve to decrease the circulating supply.

At today’s prices the burn is the equivalent of $36.8 million and the supply has dropped to 185.5 million tokens. The company plans to destroy BNB each quarter based on the trading volume on the exchange, this will continue until 50% of the total supply, 100 million BNB, is burned.

The Block’s Larry Cermak has been doing some calculations to arrive at the conclusion that Binance has just had its second highest quarterly profit. He added that this 9th coin burn was higher than Q2

“Since Binance burns 20% of profits, we can deduce that it made approximately $186 million in profit in Q3. This is the second-highest quarterly profit”

He added a few more charts showing that 14.5 million BNB have been burned so far leaving 85.5 million to go. The numbers are surprising when volumes and current market conditions are considered;

“Binance’s spot volume dried up in the last few months. The market has been dead and yet Binance just burned the equivalent of the second-best quarter in existence.”

Cermak also observed that the average daily volume in October is 2.6 times smaller than volume in June, adding that this indicates Binance must be generating a lot more from other branches – such as Futures and peer to peer OTC crypto trading in China.

He added that Binance quietly changed their whitepaper in April to remove the clause about the firm using 20% of its profits to buy back BNB and revenue for exorbitant listing fees has been replaced by other sources.

BNB Crypto Market Reaction

At the time of writing Binance Coin has not reacted and was trading marginally down on the day. It is currently priced at just over $18 which is flat on the week but down 12% on the same time last month.

Daily volume is around $237 million according to Coinmarketcap.com and BNB is currently ranked seventh with a market capitalization of $2.8 billion. It has not been able to escape the bears and has fallen with the rest of the crypto market over the past three months, shedding over 60% since its epic pump to $40 in June.

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