Binance cryptocurrency exchange conducted a quarterly BNB token burn. This time, 1.3 million tokens were burned, and their value became a record – almost $ 640 million.
Recall that the previous time tokens were burned in July – then 1.2 million BNB worth $ 390 million were destroyed. The exchange plans to destroy tokens every quarter until 50% of the issued BNB is burned. Initially, 200 million tokens were issued, so in the end only 100 million should remain on the market. Currently, about 166.8 million BNB are available.
An article on the company’s blog notes that Binance’s market share increased between June and August this year. If, according to The Block, the exchange occupies about 70% of the market, then according to analysts from Binance itself, its share is about 50% of the market. The fact is that The Block analysts take into account data only from large and “reliable” sites, while Binance has access to more extensive data.
Most of the article is devoted to regulatory issues. As the authors emphasize, clearer regulation is needed for wider adoption by the cryptocurrency industry. And to work with regulators around the world, Binance continues to evolve. For example, if initially the exchange was created as a “decentralized company” without a headquarters, now Binance is opening representative offices in various countries in order to gain more confidence in negotiations with regulators.
Also, the site continues to accept advisers for interaction with regulators into its ranks. For example, Binance recently hired Mark McGinness, a former employee of the Dubai regulator, as its head of regulatory affairs.
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