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Binance completes seventh coin burn of 829,888 Binance Coin [BNB] tokens

Akash Anand

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Binance completes seventh coin burn of 829,888 Binance Coin [BNB] tokens
Source: Pixabay


Binance, the world’s largest cryptocurrency exchange in terms of trading volume has been in the news recently because of various updates and developments from the company, the main one being the delisting of Bitcoin SV [BSV]. A few hours after the delisting was announced, Binance made another announcement about its latest coin burn.

The Changpeng Zhao led company said:

“In accordance with our whitepaper, we have completed our 7th quarterly BNB token burn of 829,888 BNB (roughly $15.6 MM USD equivalent) Burn Txid: https://etherscan.io/tx/0xfb51618892938f115aaeaa351ba2c8d6cb9205bdac020c8328fac1f1b57c28a2

Thanks for your support!”

The report from Binance stated that the coin burn was completed at Block 7576417 with a total duration of 6 hours and 51 minutes. The burn was started from the wallet with address 0x38b661e9df2cc4a7570618aa6645319d6bdf2f46 to another Binance Token wallet with address 0xb8c77482e45f1f44de1745f52c74426c631bdd52. The wallet also prided on the fact that it offered very low transaction fees during the coin burn [0.0000099255 Ether, which was approximately $0.02].

The sixth BNB token burn was worth even more as over a million BNB tokens were burned to complete the process. Binance’s official report had then stated:

“For the sixth iteration of the burning of Binance Coin, we at Binance are burning 1,623,818 BNB. This recent burn corresponds to the period between October 1 and December 31, 2018. This figure is quite close to the 1,643,986 BNB amount we previously burned in our fifth BNB burn.”

Binance grabbed major headlines yesterday when the exchange decided to delist the Craig Wright-Calvin Ayre-led Bitcoin SV from its platform. The delisting also resulted in a massive plunge in the price of Bitcoin SV. The company also touched on the reason for the delisting with some of them being, level, lack of commitment to the project and the quality of the development activity.





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