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Binance Destroys Founders BNB Tokens

July 12, 2019 11:08 am by FomoHunt

Malta — The CEO of Binance, CZ, revealed in a Periscope video yesterday that he had “burned” over 800,000 BNB coins that had been earmarked for its development team. This coin burn eliminated over $24 million in value, in line with the roadmap in Binance’s whitepaper. CZ explained that Binance will eventually burn 100 million coins, which is used to reduce fees on the trading platform.

By destroying BNB tokens the supply is reduced, creating an increase of price. BNB is now the 6th largest cryptocurrency by market cap, valued at $31.70 per coin.