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Wednesday

28 July 2021

Binance Burns $390M in BNB, Implying $2B Q2 Profits | Crypto Briefing

Binance Burns $390M in BNB, Implying $2B Q2 Profits | Crypto Briefing


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The world’s largest crypto exchange, Binance, has conducted its quarterly token burn, destroying $390 million worth of Binance Coins (BNB). .

The latest burn event was the second largest in history, beaten only by Binance’s previous quarterly burn, which destroyed almost $600 million worth of BNB tokens.

Outlined in the original Binance Coin whitepaper, the company pledged to burn BNB tokens equal to 20% of its quarterly profits.

Despite the exchange removing over 1.2 million tokens from circulation, the price of Binance Coin did not react to the news.

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