Binance “burned” the next 2 million BNB for the third quarter of 2019

Cryptocurrency exchange Binance reported on the burning of more than 2 million BNB for the third quarter of 2019. This is the ninth burning after the launch of the token into circulation.

According to a statement on the exchange’s website, 2,061,888 BNBs were destroyed in the current round at the current exchange rate of $ 36.7 million. The Block analyst Larry Cermak drew
attention to the fact that this amount is more than the second and third quarter combined.

Considering that Binance sends 20% of the exchange’s profit to buy BNB to burn, you can calculate the company’s income for the third quarter. It turns out that the site’s profit amounted to $ 186 million – this is the second largest revenue quarter in the history of the trading platform. In the first place is the fourth quarter of 2017, when there was a strong stir in the cryptocurrency market.

In total, Binance plans to burn 100 million BNB. Already withdrawn from circulation 14.5 million BNB for nine quarters, that is, it remains to destroy 85.5 million.

Binance’s total profit, together with the 9th quarter, has already exceeded $ 1 billion.

Chermak draws attention to the fact that the indicator of the third quarter was a surprise. Activity in the market has been steadily declining in recent months, but the company has been able to burn the second largest amount of tokens since its opening.

If you look at the trading volumes of the main platform, you can see that in October they are 2.6 times less than in June. This suggests that Binance earns more and more in other areas of its business, including futures and over-the-counter trading in China.

This version was confirmed
and Binance CEO Changpeng Zhao himself: “We were able to achieve a good performance thanks to the development of new services, including margin trading and an increase in the number of fiat channels. With these directions, the purchase of cryptocurrencies has become more affordable. We expect that important services, such as futures and peer-to-peer trading, will continue to develop and ensure profit growth. ”

In addition, Binance today announced
listing Algorand (ALGO) and Zcash (ZEC) on its US site.