The world’s largest crypto exchange Binance has today burned 829,888 BNB—its native cryptocurrency—worth $15.6 million, according to a blog post. This is its seventh quarterly burn as it sticks to its plan of burning 20 percent of its profits—implying a quarterly profit of $78 million.
The burn takes Binance closer to its aim of shrinking the 200 million supply of BNB down to 100 million. It’s supply now sits at 140,000 BNB, 60 percent of the way there. When compared to last quarter, it destroyed nearly half the amount of BNB with a value that was nearly twice as great. This is because the price of BNB has rocketed in recent months, up 400 percent since December 2018.
Binance made more profits this quarter than in each of the two previous quarters. And it’s still managing to pull in about half of what it earned during the height of the 2017 bull run—even though prices across the board have dropped by around 80-90 percent.
https://twitter.com/cz_binance/status/1103734856368893952
“Overall, we are happy with our results for Q1 of 2019, and we continue to be extremely busy with building products for Q2. We have a full quarter of work ahead of us,” said CZ, CEO of Binance, in the blog post.
Even though Binance makes the majority of its revenue from trading fees, it has decided to delist a top 20 cryptocurrency called Bitcoin SV. This was due to its lead proponent—nChain chief scientist Craig Wright—suing a handful of people in the crypto ecosystem for claiming he wasn’t Satoshi Nakamoto, the inventor of Bitcoin. Or perhaps it was to make room for the growing number of tokens setting out on Binance launchpad. Or both.