Binance Gets Rid of $23.8 Worth of BNB, Announces Futures Market Testing

Binance Coin (BNB) Price Reaches $31.60 on Top Exchanges

$2.4 Billion: Binance Team Vows to Burn Entire 80 Million BNB Holding

Binance, the world's top exchange by trading volume, says it has completed the eight quarterly "burn" of Binance coin (BNB) tokens.

As reported, Binance's new margin trading product allows for leverage of up to 1:3, meaning that for every 1 bitcoin deposited as collateral in a margin wallet, 2 more bitcoins can be borrowed from the exchange to trade with.

"The simulation market price will roughly follow the real Bitcoin price, which is the real contract price".

"Though the current cryptocurrency market and legacy platforms for margin trading poses greater risks and benefits at the same time, we are confident that its development coupled with more knowledge on proper risk management will help realize greater benefits in the long run".

Binance team gives all their 80 million BNB tokens for the coin burn. "But this time, the Binance team has given up our token allocation", Changpeng Zhao, founder and chief executive of the exchange, stated.

CZ clarified that even after all the surplus tokens are burnt, team members would still be among the largest holders of the BNB token since most of Binance's finances are dealt in the native token, including staff payments. "All US$2,400,000,000 of it!" In the case of the BNB token, this made up 40% of the total token supply.

The burn is an industry term that indicates destroying tokens.

Watch the latest reports by Block TV. According to plans, "The team will burn off the 80,000,000 BNB team allocation" in the beginning, then the rest, i.e., "9,000,000 BNB will be burned by exchange". "Basically, the team gets nothing from the ICO". All BNB that the team will hold thereafter will either be earned through the exchange services or purchased with its own money.

Per the team, the Binance Margin Trading platform comes with a newly optimized user interface that caters to both the needs of regular traders and those interested in taking advantage of the Margin Trading feature. "We're not here for money", he said.

As noted above, this situation created great value to BNB, since in less than 24 hours we can see a growth of more than 5%.

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