Daily Management Review

Binance burns $ 52.5M of its own tokens


Binance cryptocurrency exchange reported a record quarterly burning of BNB tokens.

Marco Verch
Marco Verch
According to the release, the exchange explained this burning with increased traffic, as well as the increased interest of users in digital money.

In this quarterly burning of tokens, 3,373,988 BNBs were destroyed; thus, altcoins worth $ 52.5 million were withdrawn from circulation.

“The burning reflects activity on the Binance spot, margin, futures exchanges, as well as in various solutions, divisions and among partners that use BNB, from January to March. This is the largest burning of BNB both in tokens and in fiat currency,” the exchange noted in its release.

At the same time, a representative of the exchange added that traffic is currently growing at sites for digital money trading. According to the company, users have become more interested in cryptocurrencies. People now have more time for trading: they are forced to stay at home due to the situation with the spread of coronavirus.

source: binance.com