We have already mentioned the process of burning BNB coins carried out by Binance recently:

After the BNB cryptocurrency burning… Find out about the profits of the Binance platform in the last quarter

On October 17, Binance announced the burning of 2.06 million BNB units, equivalent to $36.7 million.

For your information, Binance owns 187.5 million BNB units. The company intends to leave only 100 million BNB, and the rest will be burned periodically in quantities according to market data.

The recent burn by Binance (2 million BNB) This figure indicates a significant growth in the company’s revenues resulting from the various services it provides.

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Binance had burned 800,000 BNB units last time, meaning that the last burning process came with an increase of 154%, despite the currency’s decline in trading volume and price.

The founder of the OKEx platform with permission He accuses the Binance platform of manipulating its latest ad!

Jai Hao asked:

How could Binance’s BNB buyback in Q3 be more? When will BNB coins in Q3 have lower trading volume than Q2?

By comparing the trading volumes between the second quarter and the third quarter of BNB, we find that the currency traded volume was 159.62 million dollars, while the trading volume decreased to 113.94 million dollars in the last quarter.

But the company posted revenue of $186 million in the third quarter, compared to $119 million in the second quarter.

The company uses 20% of its profits to buy back BNB.

Although Binance changed its white paper and removed the phrase “plans to use 20% of its profits every quarter to buy back and burn BNB”

The company spokesperson confirmed at the time that it was still using 20% ​​of the profits to buy back BNB.

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Howe, the founder of OKEx also pointed out that since the total supply of BNB is 200 million BNB and Binance burned 14.5 BNB earlier, there should be 185,475,865 BNB left in the market before the latest burn.

But the same number of 185,474,825 BNB is what was written in their announcement after the last burning operation, as if the 2 million recently burned were not counted.

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Howe asked:

Does this just seem strange to me?

In his accusation, he added:

The burned address shows the balance in the wallet at 48,461,324 BNB.

This puts the total amount of BNB generated from the first at 233,936,149 BNB which is far more than the alleged 200 million BNB described in the white paper.

As of this writing, the CEO of Binance has not responded to the charges against his company.

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