One of the biggest crypto exchanges in the world, Binnce, has just announced the completion of its eighth quarterly token burn of their Binance Coin. The announcement was made via their official Twitter handle.
The announcement states:
“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.”
The total value of the burned tokens at the time of writing is somewhere around $25.7 million, give the price that the token is trading at currently. Binance claims to have destroyed 808,888 BNB, worth around $23.8 million. These tokens were earlier allocated to the Binance team.
The team was allocated 80 million BNB tokens, which make up 40% of the total circulating supply. They added:
“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.”
On the matter of compensation for the Binance tokens, Changpeng Zhao said to CoinDesk:
“Binance still earns revenues and is a profitable organization. They get paid in BNB, little by little.”
This move is a step towards greater transparency in these big cryptocurrency exchanges, and a fair trading system of cryptocurrencies for all.