Cryptocurrency exchange Binance has introduced a new program called “Pioneer Burn,” which introduces some modifications to the quarterly BNB burn program.

It was completed design The new program from Binance to help users who accidentally burn their BNB coins while using the “Binance Smart Chain” blockchain.

One way to lose BNB, for example, is to send them permanently to a smart contract address.

As it is now possible for Binance to compensate for the losses of users who have lost their cryptocurrency permanently by mistake by sending new BNB coins.

Whereas, Binance will calculate the amount of cryptocurrency it reimburses users in this way for each quarterly BNB burn.

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This will slightly reduce the amount of BNB that is actually burned each quarter, but it shouldn’t have a huge impact on BNB.

Binance cites a recent example of a BNB user losing over $20,000 BNB by accidentally sending their coins to a smart contract address. Binance tells that this case is one of the cases that contributed to the creation of the “Pioneer Burn” program.

For the record, we have previously covered the news on the Arab Bitcoin website. You can return to it from Link.

Of course, Binance will first have to determine the legitimacy of the case.

Users who have accidentally lost their BNB can contact Binance’s customer support service, which will determine if the case qualifies for compensation.

To get a better understanding of how the new software from Binance works, here is an example provided by the platform:

Let’s assume that 1,000,000 BNB will be burned in the upcoming BNB burning event for the third quarter of 2020.

Prior to the event, we returned 5,000 BNB to users through the “Pioneer Burn” programme.

As a result, for our Q3 burn, we will burn 995,000 BNB instead of the 1,000,000 BNB (i.e. 1,000,000 – 5,000 BNB that went to Pioneer Burn).

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Binance is not the only one that returns cryptocurrencies to users when they make a mistake in the sending process of smart contracts, as we posted this morning on the Bitcoin Arab website that Tether returned a million dollars in USDT coins to users who made a mistake in the process of converting it to a smart contract permanently:

This way, a million dollars worth of Tether sent by mistake was recovered

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A lawsuit filed against Binance due to the circulation of a large amount of stolen funds