Binance Destroys Its Team's BNB Tokens Worth $26 Million

Cornelia Mascio
Luglio 14, 2019

Binance Coin can be bought or sold on these cryptocurrency exchanges: FCoin, Exrates, IDEX, AirSwap, EtherDelta (ForkDelta), Trade Satoshi, Binance, Gate.io, Bancor Network, LBank, DDEX and HitBTC. Now, the team will be fulfilling their commitment to developing the ecosystem of Binance minus any BNB left from the allocation done initially.

The Binance team received a total of 80 million BNB tokens amounting to $4.2 billion, but CEO Changpeng Zhao has assured that all these tokens will be eventually burnt. This is the destruction of the exchange's Binance coin (BNB) tokens.

As of press time, BNB is nearly at almost $32, up 5.95 percent over 24 hours, according to CoinMarketCap.

On this link, we can see the transaction, posted on Binance official website. 808,888 BNB will be burned, now worth around $23,838,000. "But this time, the Binance team has given up our token allocation". As it stands now, the total supply of BNB is around 189M which means that 89M tokens have yet to be burned.

"According to the Binance whitepaper, 40% of the total BNB supply (80,000,000 BNB, now worth about US$2,400,000,000) was allocated to the Binance team, as a reward to the work they have put into building the Binance ecosystem". All BNB that the team will hold thereafter will either be earned through the exchange services or purchased with its own money.

In total, around 808,888 BNB will be burned this quarter which is valued at close to $24M.

Something I always note as a fantastic achievement on keeping their token with such a great value, even reaching and making new records on their All-Time High Value during this year of 2019.

The Binance Margin Trading platform is hosted under a newly optimized interface for accessing both its exchange platform and the margin function to better serve cryptocurrency traders seamlessly within one user account and familiar interface.

A curiosity that only proves that this Coin has, in fact, its own uniqueness and follows their own path and not the common trends.

Binance Coin (CURRENCY:BNB) traded up 7.5% against the USA dollar during the 1 day period ending at 18:00 PM E.T. on July 12th.

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