Binance completes 8th token burn, destroying $26M worth of the team's BNB

12 Jul, 2019 | Updated: 12 Jul, 2019
by Richard Allen
Binance completes 8th token burn, destroying $26M worth of the team's BNB

Binance, the world’s largest exchange by trading volume, has recently announced the completion of its eighth quarterly burn of Binance Coin (BNB).

As per the announcement, Binance has destroyed 808,888 BNB, worth around $23.8 million, that were previously allocated to the Binance team. However, at the time of writing, Binance Coin is trading at $31.82 with an increase of 6.01% over 24 hours, putting the total value of the burned tokens closer to $25.7 million.

“Starting with this burn, Binance will relinquish the BNB tokens allocated to the Binance team and contribute this BNB towards our commitment to burning a total of 100 million BNB,” the announcement reads.

Binance has also stated that the team’s allocated 80 million BNB tokens make up 40% of the total circulating supply. “The team will burn off the 80,000,000 BNB team allocation first, and the remaining 9,000,000 BNB will be burned by exchange,” Binance added.

Coindesk reached out to Binance to find out if the team was compensated for the burning of their tokens. Binance chief executive, Changpeng Zhao said:

“Binance still earns revenues and is a profitable organization. They get paid in BNB, little by little.”

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