Published On: Sun, Apr 15th, 2018

Binance Burns $30 Million in BNB Tokens, Price Drops

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Last night, Bitcoinist reported that Binance, one of the most popular cryptocurrency exchanges in the world, would likely be executing its unspecified quarterly coin burn sometime today — which is exactly what happened.
Burn Victims
Earlier today, the Binance team announced the results of its Q2 2018 coin burn in an official post on the exchange’s support page, writing:
Fellow Binancians,
In accordance with our whitepaper, we have now completed the burn of 2,220,314 BNB (roughly $30MM USD equivalent) for the our [sic] 3rd quarter.
Thanks for your support!
Immediately preceding and immediately after the announcement, the valuation of BNB took a hit as profit-taking traders who bought the rumors decided to sell the news. Binance’s token fell nearly 9 percent against Bitcoin today, but it’s USD losses were largely mitigated by the market leader’s bullish weekend. Binance Coin is currently down only 2 percent against the dollar over the last 24 hours.

Today marks Binance’s third ever coin burn, which is a quarterly event as defined in the company’s white paper:
Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the …

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