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Binance Destroys $639 Million Worth of BNB

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Binance’s burning a record $639 million worth of BNB has failed to push the price significantly higher

Leading cryptocurrency exchange Binance has announced the completion of its 17th quarterly burn.

The company destroyed more than 1.3 million BNB tokens that were cumulatively worth roughly $639 million.

This marks Binance’s biggest quarterly burn to date in dollar terms.

“Burning” is the process of shrinking the token’s circulating supply. Binance is on track to destroy 50% of all BNB tokens every quarter.

The number of tokens that are destroyed each quarter is calculated based on the trading volume on Binance’s crypto-to-crypto exchange.

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As reported by U.Today, Binance burned $393 million worth of BNB in the second quarter and $595 million in the first quarter of 2021.

The BNB price added a meager 1.2% after the burn was announced before quickly trimming even such modest gains.

BNB
Image by tradingview.com

Last week, BNB recorded a double-digit price spike after announcing a $1 billion growth fund.

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FTX overtakes Binance in Bitcoin Futures OI as price reclaim $50k

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  • FTX has surpassed Binance in Bitcoin futures OI.
  • Overall, interest in Bitcoin and other altcoins is starting to increase again.
  • Fear and Greed index suggests now is a good buying opportunity for BTC. 

Cryptocurrency trading platform FTX has now surpassed Binance and other popular digital currency derivatives platforms in terms of open interest (OI) in Bitcoin. The growing interest in Bitcoin futures comes at the time when the volume and price of Bitcoin are also reclaiming high marks, which somewhat indicates a bullish market ahead.

FTX records $3.6B OI in Bitcoin Futures

According to the market data by CryptoRank, the overall open interest in Bitcoin futures on FTX exchange has topped $3.65 billion, followed by Binance ($3.4 billion), Bybit ($1.55 billion), OKEx ($1.52 billion), Deribit ($1.30 billion), BitMEX ($520 million), and others. On the 24 hours timeframe, however, Binance leads with more than $25 billion OI in Bitcoin futures.

 

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The growing interest in the Bitcoin market can be considered a bullish sign. OI tends to increase when there are notable inflows of capital to the market; otherwise, the OI drops, as seen recently when Bitcoin crashed below $45,000. At the time of writing, Bitcoin was trading above the $51,500 mark, which a market capitalization above $973 billion, per Coinmarketcap. 

Some bullish signs

There are some indicators pointing towards a better market ahead, one of which is the Bitcoin fear and greed index. About 30 days ago, traders in the BTC market were in the “greed” state, which preceded the sudden crash in the price of Bitcoin some days ago. Presently, the market is in the “fear” state, which is considered a buying opportunity.

Other major altcoins have been trending alongside Bitcoin, moving to the upsides since the beginning of the week. The overall crypto market valuation is up by more than nine percent over the last 24 hours to $2.40 trillion. 

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Crypto Exchange Binance Is Making ‘Substantial Changes’ to Become ‘Fully Licensed and Fully Compliant’ in UK

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Cryptocurrency exchange Binance has unveiled its plan to become a “fully licensed and fully compliant” exchange in order to serve users in the U.K. The crypto exchange is reportedly “making a number of very substantial changes” in the way it operates in order to comply with the country’s regulator, the Financial Conduct Authority (FCA).

Binance Plans to Launch a Fully Licensed Crypto Exchange in the UK

Binance is working to become a fully licensed and fully compliant cryptocurrency exchange in order to launch in the U.K. where it recently ran into trouble with the Financial Conduct Authority (FCA).

The exchange’s CEO, Changpeng Zhao (CZ), said in an interview with The Telegraph that Binance will reapply for a license with the FCA. He believes that his exchange’s relationship with the British regulator has improved. He told the news outlet:

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We’re fully re-engaged there … We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators.

The U.K. Financial Conduct Authority issued a consumer warning on Binance in June stating that no entity “in the Binance Group holds any form of U.K. authorization, registration or license to conduct regulated activity in the U.K.” In August, the FCA said that Binance was no longer in violation of its rules but noted that the company has not applied for a license to operate a crypto exchange.

“We want to continue to establish a presence in the U.K. and serve U.K. users in a fully licensed and fully compliant manner,” Zhao emphasized, adding that Binance hopes to become a registered crypto asset firm in six to 18 months.

Following the warning by the FCA, several major banks in the U.K. began restricting payments to Binance, including Barclays, HSBC, Natwest, and Santander.

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Besides the FCA, a number of other regulators have issued warnings of various kinds about Binance, including regulators in the U.S., South Africa, Singapore, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, and Lithuania. In August, Binance said it was making regulatory compliance its top priority.

Zhao further shared with the publication that when regulators asked Binance “a very simple question: ‘Where’s your headquarters?’ and our response was that we have no headquarters, that we’re a decentralized organization, they didn’t know how to work with us.” The CEO concluded:

We understand that now. So now we’re in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places, including the U.K.

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CZ: Binance Will Apply for UK License Despite Its Local Regulatory Issues

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According to CZ, Binance aims to become a registered cryptocurrency company in the UK in 6 to 18 months.

Changpeng Zhao – Chief Executive Officer of the cryptocurrency exchange Binance – said his company will apply for a Financial Conduct Authority (FCA) license in the United Kingdom. While there has been tension between the trading venue and the local watchdog for some time, the exec assured their relationship had improved lately.

Targeting The Hostile Territory

In a recent interview with The Telegraph, CZ revealed that Binance is looking to re-establish its presence in the United Kingdom and “serve UK users in a fully licensed and fully compliant manner.” He outlined several company changes that will resolve some of the issues with the local regulator. 

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“We’re fully re-engaged there. We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators.”

Changpeng_Zhao
Changpeng Zhao, Source: Business Insider

Specifically, Binance aims to become a registered cryptocurrency firm on the Albion, which abides by money laundering and terrorist financing monitorings, in 6 to 18 months. One way to do that is to establish a separate entity called Binance UK, similar to the existing one in the USA.

The Financial Conduct Authority (FCA) of the United Kingdom has shown a rather negative attitude towards Binance during the recent months. In June, the regulator issued a warning to the exchange that it is not allowed to operate in the country. In August, the FCA reiterated its stance stating that Binance poses a significant risk to investors and cannot be supervised effectively.

Having received public backlash not only from the UK regulator but also from many others worldwide, the trading venue decided to re-adjust its structure. Established as a decentralized platform with “no headquarters and no borders,” it is now looking for a place to settle.

As CryptoPotato recently reported, Ireland and France are some options where Binance might set up headquarters.

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Crypto Can Improve Society

CZ continued by highlighting the merits of the cryptocurrency industry, describing it as a “useful thing to contribute to human society,” reminding that civilization has advanced thanks to technological improvements.

The CEO also added that digital assets are a better version of money since transactions with fiat currencies are slow and expensive:

“Money is still very clunky today. We can maintain the same degree of safety, the same degree of compliance, but at the same time making it much faster, much easier, much cheaper to transact.”

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