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Binance Exchange is stirring a major interest within its crypto community after it unveiled a major burn update. The trading platform, regarded as the largest in the digital currency ecosystem, noted that it is set to burn a large amount of tokens on different chains to help bolster their respective ecosystems.
While the exact details of the tokens it planned to burn were not disclosed, the trading platform noted that once the incineration is complete, the “equivalent amount of these tokens on their native networks, which were used as collateral, will then be released.”
Today #Binance will burn a significant amount of Binance-pegged tokens on various chains.
The equivalent amount of these tokens on their native networks, which were used as collateral, will then be released.
Binance occupies a pivotal point in the digital currency ecosystem, and it supports a lot of tokens, as previously reported by U.Today. The trading platform is known to always list promising tokens to support its millions of customers around the world. The trading firm also delists altcoins, whose trading pairs fall short of its market expectations.
Over the past few years, Binance has been directly involved in the burning of some of the industry’s popular tokens, like its native asset Binance Coin (BNB). The exchange also plays a key role in burning Terra Classic (LUNC) as the altcoin works to regain its lost valuation over time.
In the fourth quarter of last year, Binance was charged by the United States Government, and the trading platform agreed to a $4.3 billion settlement, a sum that sent shivers through the digital currency ecosystem at the time.
With the episode now behind, the trading platform is now doing all it can to rebalance its ecosystem portfolio while regaining trust within the broader industry. Overall, Binance is also working on cautious grounds to ensure that it does not fall into the crosshairs of regulators for supporting securities.
The exchange’s burn update now remains the most anticipated as to how it would impact the tokens listed.
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.
