Statement from Binance CEO CZ: “We Are Burning Big Coins, Watch Out for FUD!”

World’s largest by volume cryptocurrency Changpeng Zhao, CEO of the exchange Binance, said in a statement that large amounts of BNB He said that they carried out the transfer and burning operations. The CEO stated that there is no need to make FUD regarding the transactions.

CZ tried to prevent a spread of FUD by providing advance notice of these large transactions.

BNB Coins in ERC20 Network are Burned and Migrated to BEP2 Network

CZ stated that the Binance team is burning BNB tokens on the ERC20 network and converting them to the BEP2 network.

As it is known, the company has been around since they launched their own Blockchain. Ethereum tended to convert the BNB tokens in its network to the BEP2 version.

According to the information, there are still some BNB coins in the ERC20 version. In its statement, the exchange stated that the portion of these coins held on Binance will be automatically converted to the BEP2 network.

Currently, there are 16 million ERC20 BNB coins, and according to the information, most of them are already held on Binance.

Binance Announces First Quarter BNB Burn Data: $575M BNB Removed From Circulation

In addition, according to the statement, the first BNB burning for the first quarter of 2023 was also carried out. The figures in this burn do not include coin burns for the transition from the ERC20 network to the BEP2 network.

According to the information shared by the company, 2.06 million BNB, with a total value of approximately $575 million, was burned.

When BNB was launched in 2017, a commitment was made that 100 million BNB (half of the total supply) would be removed from circulation in a burn process, ultimately keeping only 100 million BNB in ​​circulation. This commitment is fulfilled automatically every quarter and is calculated according to the Auto-Burn formula.

*Not investment advice.

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