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Popular Crypto Trading platform Binance just Completed its 17th BNB Quarterly Burn Worth $639Million

Discussion in 'Bitcoin' started by joseph sunday, Oct 20, 2021.

  1. joseph sunday

    joseph sunday Member

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    The Leading cryptocurrency exchange Binance announced that it has completed its 17th annual token burn, which burned 1,335,888 BNB worth about $ 639,462,868.

    Based on the news released by the platform, this move is part of the crypto platform's commitment to burn 50% of BNB quarterly.


    He adds that 40% of the cryptocurrency supply has been allocated to the Binance team, but the funds "remain intact with no BNB tokens used or sold".

    Binance's BNB Pioneer Burn program, which was created to help users who have lost their fortune in certain circumstances, has burned a total of 17,839 BNBs.

    This helped a user regain $ 98,000 in USDC this quarter after mistakenly sending funds to the wrong address. Binance CEO Changpeng Zhao said in a quarterly high point report that the exchange had increased its position in the category.

    “Thanks to your strong support, our position in the category in the market has increased over the past three months (as well as for the year). Based on research by The Block, we increased our position in the category from 69.6% in June to 69.7% in July and 70.3% in August. He added:

    “According to our own research, which has a much broader set of data and thus reduces our estimate of category position, our 'true' position is lower: around 50%. However, the relative shares of the major exchanges are the same, ”he said.

    Zhao, who said the exchange welcomed the regulation, said the steps were being taken to comply with the regulations.

    “We are working on several fronts to enact regulations in the blockchain and crypto space. Employment comes first. People remain the most important success factor. In the past few months, we have hired many former regulators. They will strengthen our team, understand what we are doing, analyze gaps and work with us on improvements.

    They can also communicate in a language that their colleagues understand. In addition, they bring credibility and trust. he said.

    “We have hired key compliance advisors, including Max Baucus, former US Senator and Ambassador to China; Mark McGinness, former director of international relations for the Dubai Financial Services Authority (DFSA), as chief regulatory liaison officer; Greg Monahan, as Global Head of Money Laundering Reports; Rick McDonell and Josée Nadeau, each former FATF Executive Secretary and Head of the Canadian Delegation, as Regulatory and Compliance Officers; Aron Akbiyikian and Nils Andersen-Röed as head of examinations and investigations; Zane Wong as KYC Compliance Director; Tigran Gambaryan and Matthew Price, former IRS CI specialty agents and current Vice President of Global Intelligence and Investigations and Senior Director of Investigations, respectively, at Binance.

    “In the area of regulation, there has been a lot of progress made in the last 3 months. While we cannot share private communications with regulators, we can use certain public information to demonstrate our progress. The FCA issued a consumer warning about Binance on June 25, 2021.

    Exactly two months later, on August 25, the FCA updated the warning to say, “The company has met all aspects of the requirements. “Another example of the positive steps we have taken in our engagement with regulators is our productive dialogue with the Financial Sector Conduct Authority in South Africa (FCSA).

    They have made it very clear that they “welcomed” the steps we have taken to address their concerns and we look forward to continuing to work with them on future initiatives, ”he said.

    Moreso, the chief executive officer said that; the crypto exchange platform is reviewing its product offerings,

    “We continue to monitor, review and, if necessary, actively restrict the product range in order to comply with local government guidelines. We also have limited futures in a number of countries to meet local regulations.

    As part of these restrictions, we worked closely with the relevant regulatory authorities to develop a plan for such restrictions to minimize disruption to users, ”he said.

    Token Burning is a strategy pursued by cryptocurrency projects to influence the price of a token or coin in the market.

    The term burn essentially means to permanently withdraw certain tokens from circulation. BNB is the largest cryptocurrency exchange in terms of trading volume and is trading at $ 478 at the time of writing, up 2.70% for the day.
     

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