Binance Exchange is sparking a lot of interest within its crypto community after sleepless a major recording update. The trading platform, considered the largest in the digital currency ecosystem, noted that it is ready to burn a large number of tokens on different chains to help strengthen their respective ecosystems.
Binance Exchange is sparking a lot of interest within its crypto community after sleepless a major recording update. The trading platform, considered the largest in the digital currency ecosystem, noted that it is ready to burn a large number of tokens on different chains to help strengthen their respective ecosystems.
While the exact details of the tokens it planned to burn were not revealed, the trading platform noted that once the burning is complete, the “equivalent amount of these tokens will be released into their native networks, which were used as collateral.”
Binance occupies a pivotal spot in the digital currency ecosystem and supports many tokens, as Guru-Investingpreviously reported. The trading platform is known to always list promising tokens to support its millions of customers around the world. The trading company also delists altcoins, whose trading pairs do not meet market expectations.
In recent years, Binance has been directly involved in burning some of the industry’s popular tokens, such as its native asset Binance Coin (BNB). The exchange also plays a key role in Terra Classic (LUNC) burning as the altcoin works to regain its lost valuation over time.
Binance subtly rewrites its history
In the fourth quarter of last year, the US government indicted Binance 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 behind us, the trading platform is doing everything it can to rebalance its ecosystem portfolio while also regaining trust within the industry at large. Overall, Binance is also working cautiously to ensure that it does not fall into the crosshairs of regulators for endorsing securities.
The exchange’s recording update now remains the most anticipated in terms of how it would affect the listed tokens.