Binance burns $17 million in BNB for its 5th quarter burn

Binance has completed its fifth quarterly coin burn. When Binance first released its whitepaper last year, many were attracted by the exchange's proposal for quarterly buybacks. Under this proposal, the platform would allocate 20% of its profits to buy back its token BNB at market values, in a move to please investors. This would go on until the platform brings back and destroys 50% of the total BNB. After the process, only 100 million BNB will be left.

#Binance Completes 5th Quarter Token Burnhttps://t.co/KpqcRVHC6l pic.twitter.com/fEfhq8D7iA

— Binance (@binance) October 17, 2018

Following the token burn, the total supply now stands at 192.443 million BNB. As per their official announcement, “In accordance with our whitepaper, we have completed our 5th quarter token burn of 1,643,986 BNB (roughly $17MM USD equivalent).” With these quarterly coin burns, the amount of BNB will gradually reduce, thereby increasing the value of the digital asset. Meanwhile, the trading platform is ramping up its global expansion plan. The exchange recently announced that its fiat-to-crypto platform Binance Uganda will start accepting deposits and withdrawals of Ugandan Shillings on Wednesday. The Know Your Customer (KYC) procedures for the began on Monday. According to the blog post, “Deposits for Ugandan Shillings (UGX), BTC and ETH will open starting from 2018/10/17 10:00 AM Uganda Time (EAT). Trading on Binance Uganda will open soon with BTC/UGX and ETH/UGX trading pairs. The start time for trading will be released in a later announcement”. "We are extremely proud to officially launch our first fiat-crypto exchange in Uganda," said Binance CFO Wei Zhou. "We have been diligently preparing for this exchange with our local partners since our team first visited Uganda in April 2018. This is only the first step in our efforts to use blockchain technology to support sustainable economic development in Africa, and we look forward to bringing more innovations to the region." See also:

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