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Binance Completes 24th Quarterly BNB Token Burn, Removing 1,991,854 BNB from Circulation

19Jul

By OLAJIDE SAMUELNo Comments

Crypto Exchanges

Binance Completes 24th Quarterly BNB Token Burn, Removing 1,991,854 BNB from Circulation

Binance, one of the world's largest cryptocurrency exchanges, has completed its 24th quarterly BNB token burn. According to an official announcement made via Twitter, a staggering 1,991,854 BNB was permanently removed from circulation through the BNB Auto-Burn mechanism. https://twitter.com/binance/status/1681604828127019008 The quarterly token burn is a vital aspect of Binance's commitment to the tokenomics of its native cryptocurrency, Binance Coin (BNB). The exchange allocates a portion of its trading fee revenue to buy back BNB from the market, and these purchased tokens are subsequently destroyed, reducing the total supply of BNB in existence. Read Also: Binance Temporarily Suspends Market Order Functions Due to Technical Issues The latest token burn, involving nearly 2 mi...

President Biden Vows to Close Crypto Loopholes, Sending Ripples Through the Market

In a bold move aimed at strengthening the integrity of the tax system and levelling the playing field, President Biden has pledged to eliminate tax loopholes for crypto traders and hedge fund managers. With an estimated $18 billion in lost tax revenue attributed to these loopholes, the President aims to restore fairness and accountability within the crypto industry. The announcement sent shockwaves through the market, prompting a brief dip in Bitcoin's value before it rebounded, showcasing the industry's resilience. Read Also: Israel's Ministry of Defense Seizes Millions in Cryptocurrency Intended for Terrorist Financing, with Support from Binance https://twitter.com/WatcherGuru/status/1674462671989530630 President Biden To Address Tax Evasion Practices President Biden made his int...

How effective are the crypto market makers to startups?

What if I have everything in order, can't I prevent collapse and establish a potential token without crypto market makers? The possibility of liquidity is high when attention is not given to the basic elements that help projects to thrive. Although there are a lot of projects that made their way through to the top without involving market makers but the volatility and coarseness of the crypto market today require a team of experts to project a token through it. Read Also: Africa's Oldest National Park, A UNESCO World Heritage Site Now Accept Shiba Inu And Few Other Crypto As Donation What is a project startup? These are the early stages of crypto activity which is aimed at building a token and increasing liquidity of the token. During this time ICOs (initial coin offering...