Binance CEO Changpeng Zhao today reported about the largest BNB burn in the history of the exchange and talked about the tokens that the company forgot to unfreeze on time.
“The incineration is complete. Approximately 2.4 times the previous incineration in fiat terms, ”he wrote.
According to the data provided, during the fourteenth incineration, 3.6 million BNB worth $ 165.8 million were destroyed at the current exchange rate. BNB is currently trading at all-time highs above $ 45.
Zhao also announced the unblocking of 16 million BNB.
“They were supposed to be unlocked in July 2020. We just forgot. They are translated to the team’s address, as in the previous case, ”he added.
Under the terms of the 2017 ICO, a part of the issued BNB was reserved for the Binance team and is subject to subsequent periodic unlocking. In terms of today’s prices, the value of these unfrozen BNBs is $ 725 million.Zhao, however, hastened to reassure the token holders:
“The Binance team has never sold any of the BNB due. They were unfrozen, transferred to a publicly accessible address and never moved on. ”
In addition to the increased market activity driven by the rise in the price of Bitcoin and other cryptocurrencies in the fourth quarter, Binance’s latest record is largely due to the growing share of its futures platform in total trading volume. BitMEX, once the largest cryptocurrency derivatives trading platform, has been harassed by the US authorities and introduced forced verification, losing its former attractiveness to traders, while trading volumes on Binance Futures more than doubled. According to skew.com, Binance is currently the largest Bitcoin futures trading platform by turnover.
Among the destroyed tokens, 10,838 BNB were taken into account, which were lost by users and reimbursed by Binance under the previously announced program.
Commenting on recent developments, Zhao expressed his hope that the bullish trend set in 2020 will continue to develop in 2021.
“I may be wrong, but all the signs indicate that it will continue. What’s good for Bitcoin is usually good for the entire cryptocurrency industry, ”he said.