Binance, in a recent update, announced that it has completed its 9th BNB Token Burn. A total of 2.1 BNB coins have been burnt. The figures are more than Q2 and Q3 combined.
Profits Worth $186 Million Made by Binance in Q3
Binance burns 20% of its profits every quarter. Thus, it can be deduced that it made profits worth $186 million in Q3. The leading cryptocurrency exchanges had tweaked its whitepaper earlier to remove the clause of burning 20% profits. However, the figures are the same, as confirmed by a Binance spokesperson.
Binance CEO, Changpeng Zhao (CZ), also posted a tweet sharing his enthusiasm and announcing the token burn. He said its a big announcement and if the audiences are worried about crypto they shouldn’t be!
Leading data researcher Larry Cermak shared that Binance burns 20% of profits every quarter until 100 million BNB is burned. So far, in the last 9 quarters, Binance burned 14.5 million BNB, which means it still has to burn 85.5 million. He further said that Binance cumulatively crossed $1 Billion in profit and Binance has indeed diversified its stream of revenue.
Speculations behind the token burn started surfacing when 2.29M BNB ($41.86M) were transferred from Binance to an unknown wallet. The speculations oscillated between a figure of 925K to even 2.3 M.
The first, second, third and fourth quarter of 2018 saw 986K, 1.82M, 2.22M, and 2.53 M BNB being burnt respectively,