Binance Burns $30 million, or 20% of Profit
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Binance Burns $30 million, or 20% of Profit
Binance’s third quarter recap published on LinkedIn begins with a graphic which triumphantly proclaims that approximately 30 million USD was burned in that quarter. Why is this a good thing?
There were no real fires. In actuality 2,220,134 Binance Coin tokens (BNB) were written off from the system. These are the tokens that power the exchange.
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Chanpeng Zhao, CEO of Binance, explains that 20 percent of the profit made by the exchange is burned every quarter. The amount of BNB burned has been increasing over ... (read more)
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