Binance Coin's 15th Coin Burn Should Happen in a Month or So - CZ 16

Binance Coin’s 15th Coin Burn Should Happen in a Month or So – CZ

In brief:

  • According to CZ, the 15th BNB coin burn will happen in a month or so
  • Yesterday, Binance Coin dipped by 14% as news broke of the US CFTC investigating the exchange
  • One year ago, Binance Coin was trading at $6.40 due to the Coronavirus dip of mid-March
  • BNB is trading at $268 and has increased by a factor of 42x since then

The CEO of Binance, CZ, has informed the crypto-verse that the 15th BNB coin burn will happen in a month or so. CZ provided an estimate of the event in response to a Twitter query as to when the next coin burn will be. Below is his response alongside the initial tweet asking about the next coin burn.

Binance Coin Dips by 14% Due to News of the CFTC Investigating Binance

Yesterday, the crypto-verse was shaken by news of the US CFTC investigating Binance on whether the exchange knowingly allowed Americans to trade on the platform. Before news broke of the investigation, BNB was trading at $288 only to dip to $247 – a 14% decrement – when the information was made public.

Binance Has Not Been Accused of Any Wrongdoing

To note is that the CFTC has not accused Binance of any wrongdoing and news of the investigation might have been overblown by major news outlets. CZ was quick to point out that crypto investors will soon figure out it was FUD as seen in the following tweet.

Binance Coin has Increased by 42x Since Last March

At the time of writing, Binance Coin has recovered from yesterday’s dip and is trading at $268. The resilience of Binance Coin can be attributed to the fact that Binance was quick to mitigate such an event of a CFTC investigation by launching Binance.US to cater for US users while abiding by US regulations.

Also worth mentioning is that BNB dipped to as low as $6.40 on March 12th last year as a result of the Coronavirus being declared a pandemic. Comparing the $6.40 low and BNB’s current price at $268 reveals that Binance Coin has increased in value by a factor of 41.875x in one year.