Binance burns 808,888 BNB tokens worth $24 Million in its 8th quarterly burn program

Binance exchange recently completed its 8th quarterly token burn program under which they burnt 808,888 BNB tokens worth $24 million. Interestingly this time around all the burnt tokens belonged to the Binance team, who are in possession of around $4.2 billion worth of BNB tokens.

The white paper of the BNB token mentions that 40% of initial total tokens were given to the Binance team as a reward for their work towards the Binance ecosystem. The circulation supply of BNB tokens stood at 189 million, which will eventually be cut down to 100 million. The surplus of 89 million tokens out of which 80 million are held by the Binance team would be eventually burnt over the years along with the remaining 9 million on the exchange.

Binance CEO Changpeng Zhao said that the exchange is “committing to building the Binance ecosystem without getting any BNB from the initial allocation.” The main aim behind burning BNB tokens owned by the team is to ensure a sense of equality in the community over the circulation supply of BNB. 

However, CZ also mentioned that despite the burning of pre-allocated tokens to the team, they will remain one of the largest holders of the native token. The main reason being, most of the financial aspects of the Binance is dealt with in BNB tokens including paying for the salary of the team members.

BNB tokens burnt over the quarters

This was the 8th quarterly burn program, and up until now, Binance has followed the same procedure for 7 quarters. The number of tokens burnt per quarter stands at,

• Quarter 1: 986,000 tokens

• Quarter 2: 1,821,586 tokens

• Quarter 3: 2,220,314 tokens

• Quarter 4: 2,28,767 tokens

• Quarter 5: 1,642,985 tokens

• Quarter 6: 1,623, 818 tokens

• Quarter 7: 829,888 tokens

• Quarter 8: 808,888 tokens

Binance has a reputation for being transparent and customer oriented, which is quite a rare trait among cryptocurrency exchanges. While almost every other exchanges have come under scrutiny for their inflated trading volume, Binance is trusted for its numbers. The CEO who is often referred to as CZ also holds the distinction of an intellect who often engage with the community to explain the different aspects of the Binance ecosystem.