February 23, 2024

Binance burned $ 39 million BNB tokens in Q4

Bitcoin exchange Binance has completed the tenth quarterly burn of BNB tokens, withdrawing 2,216,888 coins from circulation.This isamounted to about $ 38.8 million


In dollar terms, the volume of coins withdrawn from circulation approached the record level of the second BNB burning in the fourth quarter of 2017.

Binance burned $ 39 million BNB tokens in Q4

Source: Binance

Since the volume of tokens burned corresponds to 20% of the exchange’s quarterly profit, the figures mean that from the beginning of October to the end of the year it amounted to $ 194 million.

Achieving such a high ratethis was facilitated by the fact that this was the first full quarter of the Binance Futures and Binance.US platforms, said Binance CEO Changpeng Zhao. Daily trading volumes on the first regularly exceed the spot market, and on the second they are growing steadily.

In terms of average daily trading volume, the American division came out on the third place in the Binance ecosystem.

Regional partner exchanges in Singapore, Australia, Uganda and Europe also made significant contributions to Binance's record highs in recent quarters, Zhao said.

Recall that in the framework of the ninth quarterly burning of BNB in ​​October, Binance took 2,061,888 BNB out of circulation with a total value of $ 36.7 million.