Binance burned almost $400 million worth of coins but the price of the asset remaiend unfazed after the another quarterly burn of the coin. The price failed to react so many started wondering, what it means for the coin this time? Let’s find out in our latest Binance news.
One of the most highly anticipated evnets in the Binance community, is of course, the quarterly burn of Binance Coin but this time, Binance burned almost $400 million worth of coins and the price of the asset hasn’t twitched. According to the company, the entire thing was around 1,296,728 BNB burned with a total value of $393,673,653. Last time in April, binance burned less BNB coins but its cumulative USD value was higher at $600 million.
It’s also worth noting that it is no longer possible to reverse-engineer and to burn and then figure out the profit of the company because Binance switched to a new method. Unlike the previous times, when the price increased in response with this time BNB remaining unfazed which is probably a signal of the stagnatign market conditions that we have now. Changpeng Zhao who is the CEO of the exchamge, revealed that an additional 16 million BNB was unlocked and moved to a new address that is according to the schedule in BNB’s whitepaper. However, to berak all doubts, he reminded that the team has never used or sold a single team coin so far but it only burned them.
As reported recently, European Payment processor Clear Junction said it will stop processing Binance payments as the company said it acts in “full compliance” with FCA regulations. A number of UK banks placed restrictions on the world’s biggest exchange and the payment processor Clear Junction was the last to do so. The London-based company said on the website that the decision was made after the UK Financial watchdog the FCA, issued a consumer warning against Binance-owned Binance Markets Limited which planned to launch a UK crypto exchange. Clear Junction said it acts in full compliance with the FCA regulations and guidance in regards to the handling payments of Binance. Last month, the FCA said that Binance Markets Limited, Binance’s registered entity in the UK is not licensed to conduct business here but clarified that the UK customers can continue to use the general platform Binance.com.
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