Home Binance Binance Seized $600M Burned Native Tokens

Binance Seized $600M Burned Native Tokens

Over one million Binance native coins, BNB, has been burned by the Worldwide cryptocurrency exchange.

Binance Seized $600 Million Burned Native Tokens Out iBase Trading.
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Over one million Binance native coins, BNB, has been burned by the Worldwide cryptocurrency exchange. Around $640 million is the monetary value of the burned tokens.

The term “burning” is not literal, this only means that these crypto tokens are removed from the circulation to control the inflation prices of that specific token or to get rid of the units that were not sold. Binance has completed its 17th session of burning since its first burn in the year 2017, October.


Why is Burning Done?

Quarterly, burning BNB has been a commitment to Binance until the total BNB supply of 50% is taken away from circulation. 80,000,000 BNB, which is 40% of the total supply of BNB, was assigned to the Binance team. With zero BNB tokens that have been used or sold for any purpose aside for their burn events quarterly. This allocation in teams is still untouched.

BNB Pioneer Burn Program was introduced last year in order to help users whose assets, in some circumstances were lost. The total token burns from the Pioneer Burn Program were also included on a quarterly basis for transparency.

A total of 1,335,888 tokens has been burned by Binance as per the official announcement and each unit currently trades at $491.04.

The official statement from the exchanges stated that they have completed their 17th quarterly BNB token burn of 1,335,888 BNB. The latest quarterly burn comprises the actual burning of 1,318,049 coins plus 17,839 BNB that was burned through the Pioneer Burn Program.

According to Medium, a part of the coins is sent to an “eater address” once the crypto tokens are “effectively burnt”. They call this “black hole”, the private key that is not accessible by anyone. Tokens that were basically lost after being sent to dead wallet addresses with Binance’s “Pioneer Burn Program”.

Only 1,296,728 tokens were burned in the last burn. As a result, this 17th burn of BNB tokens is much higher in number with 1,335,888 BNB that has a value of $639,462,868 USD. The total BNB supply has lessened from average of 168,137,036 BNB to 166,801,148 BNB.

Present Binance Value

Currently, since the BNB market cap has risen significantly, it brings over $80 billion to the total capitalization today. This clarifies the historic dollar worth of the burned tokens. The active BNB circulating supply holds at 168,137,035 as per CoinGecko.

Over the last 3 months on the regulatory front, a lot of progress has been achieved. The private communication cannot be shared related to regulators. The progress can be showed with some information available for the public.

Statistics have lately disclosed that the crypto space is going through a fast global development.

As per cryptocurrency tracker CoinMarketCap, if all the cryptocurrencies are put together, the market capitalization has reached a milestone of $2.5 trillion. The overall crypto market has grown by 233% since the start of this year.

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Tanya Smith is an editor at iBaseTrading. With M.A. in Journalism and Mass Communication, she is pursuing her dream of creating a positive difference in the media industry. She also enjoys Fashion and Travelling.