JAKARTA Binance CEO, Changpeng Zhao or better familiarly called CZ, made an important announcement on Sunday, January 29, 2023. In a tweet, CZ announced that the Binance team had successfully converted 16 million BNB tokens (ERC-20) into the BEP2 version. This conversion is related to the burning process of the BNB token.
At the same time, CZ asked critics not to spread false information (FUD) after seeing this transaction on-chain. On-chain data Etherscan confirmed the BNB token burning transaction (ERC-20) from the Binance 8 wallet at 07:59 am on January 29.
In addition, the Binance Chain rover also revealed the burning of 16,186,608 BNB tokens at very low transaction fees. The burning of the BNB token (ERC-20) has received praise from Twitter crypto users.
They appreciate the transparency of the Binance crypto exchange which has a reliable reputation. This burning is also not counted in quarterly burning and does not affect the circulation of BNB as a whole.
On January 17, Binance successfully burned 2,064,494.32 BNB tokens in the burning of the 22nd quarterly BNB token. Binance uses the Auto-Born system to keep the supply of BNB tokens stable and ensure the availability of sufficient BNB tokens for its users.
At the time of writing, BNB is trading at IDR 4,700,221 per token. In the past week, BNB has increased by 23.1 percent according to data reports by Coingecko.
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