Hong Kong-based cryptocurrency trading platform Binance will carry out the regular quarterly burning of its token – Binance Coin, BNB.
The company founder and CEO stated that the exchange would announce the date soon after completion of the assessment. The white paper reads that the platform will spend some 20% of the revenue for buying out and burning BNB every quarter until Binance holds 50% (100 million BNB) of the whole amount of the tokens.
For reference, the exchange carried out the first burning last October, with 986,000 tokens being eliminated. With every next burning, the company managed to raise the number of tokens burned. The third burn was for 2 220 314 BNB (some $30 million).
“In accordance with our whitepaper, we have now completed the burn of 2,220,314 BNB (roughly $30MM USD equivalent) for our 3rd quarter,” reported the company.
Last time, prices for BNB started falling once the company announced the burning – the token lost 9% against Bitcoin.
Along with Binance, another trading platform KuCoin is also burning its tokens. The process of the burning is practically similar to the Binance one.
The statement on the company website reads:
"We are delighted to announce that we have executed the KCS buyback and burn in our 3rd fiscal quarter (April 2018 – June 2018) or Q2 2018...In accordance with our whitepaper, we have used 10% of profits from the 3rd fiscal quarter (Q2 2018) to buy back KCS from the market and burned 396,211 KCS."
The after-burning amount of KCS is 180 334 365, with 90 334 365 being on hand.