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Binance to burn $24m worth BNB tokens

  • Binance only aims to keep 100 million BNB tokens in circulation.
  • This was the eighth quarterly burn of the BNB tokens.

Malta-based exchange giants Binance announced that they have burned 808,888 Binance Coins (BNB) worth around $24 million. This is part of their initiative to keep the overall supply of BNB tokens to 100 million and also happens to be their eighth quarterly burn. Initially, the Binance team was allocated 80 million BNB, all of which will be eventually burned.

Changpeng “CZ” Zhao, the CEO and founder of Binance, said:

“With this change, we’ll still burn BNB based on trading volume on Binance per quarter. But this time, the Binance team has given up our token allocation. We are now committing to building the Binance ecosystem without getting any BNB from the initial allocation. The team will burn their own tokens first. All US$2,400,000,000 of it!”

Currently, 189 million BNB are in supply, so the exchange needs to burn 89 million more tokens to achieve its goal. Zhao continued:

“To recap, this is equivalent to the Binance team allocating 0 BNB to ourselves from the original supply. All BNB we have are either earned through our services or bought with our own money.”  

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