Binance, one of the leading exchanges in the cryptocurrency world, announced the successful completion of its 25th quarterly BNB burn on Monday. By carrying out this transaction, Binance has taken an important step towards its own cryptocurrency, Binance Coin (BNB). This transaction, which is carried out through an automatic burning program, is a remarkable development in the cryptocurrency market.
The BNB burn program aims to remove BNBs traded on the Binance platform from circulation in certain periods. Last quarter, Binance burned a total of 2,139,182.98 BNB (worth approximately $453 million) and removed it from circulation.
This transaction is carried out in order to keep the total supply of BNB under control and increase its value. Binance aims to reduce the BNB supply from 200 million to 100 million BNB with these burning transactions in the long term.
Koinfinans.com As we reported, BNB burning can also be seen as part of Binance’s strategy to incentivize users by making its platform more attractive. At the same time, this transaction highlights the importance of Binance Coin within the ecosystem and is closely followed by the cryptocurrency community.
At press time, data from CoinMarketCap shows that there are currently 151.7 million BNB tokens in circulation. The asset also saw a slight gain of 3% on the day following news of the burn and the broader market recovery.
Binance Ecosystem Thrives Amid Legal Issues
Binance’s latest burn comes despite ongoing legal issues in Binance’s business. The United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO Changpeng Zhao (CZ) in June, alleging violations of securities laws.
Since then, several key players have left Binance, and trading volume on the company’s US platform has dropped significantly.
News of the lawsuit dealt a major blow to Binance’s BNB, sending the cryptocurrency crashing from $305 to just above $200. BNB is trading at $213 at press time, and experts hope that a breakthrough in the SEC case will help reverse Binance’s fortunes.
You can follow the current price movement here.
Source : the crypto basic