![]() ![]() ![]() Several users expressed scepticism over the latest quarterly burn of BNB and internal funds transfer within Binance. Binance Users Skeptic Over Latest BNB Burn In its 23rd quarterly BNB burn in April, the exchange removed over 2 million BNB from the circulation.īinance CEO Changpeng Zhao warned in a tweet that there will be some more on-chain (large) transactions shortly, to further distribute/spread the coins to more addresses. The 24th quarterly burn also removed 747.51 BNB from circulation as a part of Binance’s Pioneer Burn.īNB burned under the pioneer burn program equals to provable lost funds by eligible BNB Chain users. The Auto Burn formula burns the amount of BNB based on the coin’s price and the number of blocks generated on the BNB chain. Since then, large amounts of BNB are burned quarterly through the Auto-Burn formula. Binance Burns BNB Through Auto Burn FormulaĪs per the announcement at the time of BNB launch, 100 million BNB (half of its total supply) from circulation will be eliminated through a burning process. The price of the BNB did not see a significant increase after the burn was executed as the token traded around $244, 1% up in the last 24 hrs. The exchange has been conducting such quarterly burns of BNB to reduce the token’s supply since October 2017. Reuters published a report that analyzed court records, spoke with law enforcement, and worked with blockchain analysis firms Chainalysis and Crystal Blockchain to track illicit funds on Binance, claiming the exchange has become a "hub for hackers, fraudsters and drug traffickers."īinance pushed back on the report's various claims, telling Forbes the report is a "woefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.The embattled crypto exchange giant Binance completed its quarterly burn of 1.99 million BNB coins worth around $477 million on Wednesday successfully. ![]() This week, Binance was also hit by accusations it was the vehicle for the laundering of at least $2.35 billion in illicit funds. Ripple remains locked in a long-running legal battle with the SEC though the price of XRP has recovered. In late 2020, the SEC sued crypto company Ripple, alleging it broke securities rules when it sold its XRP XRP cryptocurrency, crashing the XRP price. ![]() The BNB price has crashed along with bitcoin, ethereum and other major cryptocurrencies in recent months, losing more than half its value since late last year. "Whilst the SEC investigates Binance all eyes are now on the brand themselves who seem to be lacking transparency across entities as it is unclear how Binance is related to other brands falling under the same umbrella," Kormanyos said, pointing to a myriad of legal and regulatory challenges faced by Binance over the last year and the relationship between Binance and its U.S. The BNB price has rocketed higher since its launch in 2017, surging along with the bitcoin and. Sign up now for CryptoCodex -A free, daily newsletter for the crypto-curious MORE FROM FORBES Report Reveals Game-Changing White House Crypto Plans That Could Have A Serious Bitcoin And Ethereum Price Impact By Billy Bambrough Binance traders using BNB to pay fees get a discount on the exchange. News of the investigation sparked a 10% drop in the BNB price, which has since slightly rebounded.īinance's BNB white paper, published ahead of its launch, said 85% of the funds raised in the ICO would be used to build and promote the Binance platform. The probe into Binance and BNB is likely months away from any conclusion, a person familiar with the matter told Bloomberg. Since the 2017 initial coin offering (ICO) boom, which saw a flood of companies look to raise money by issuing cryptocurrencies, the SEC has brought dozens of enforcement actions over ICOs. Kormanyos argues crypto exchanges use fundraising and trading products similar to traditional finance while claiming they should be treated differently by regulators. "The very object of the SEC investigation, Binance's BNB, is a prime example of potential conflicts of interest and market fairness issues," Zoltan Kormanyos, general counsel at international broker comparison website BrokerChooser, said in emailed comments, adding the SEC probe "reinforces the trend" the comparison site identified in its research into bitcoin and crypto exchanges. ![]()
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