news 1 month ago

Amid Reports Of Police Raids, Binance Still Outperforms Bitcoin

Wochit Postables
Binance Coin, or BNB, is the only major cryptocurrency outperforming bitcoin this year. However, its namesake exchange is facing new concerns around increased competition. Markets Insider reports BNB is also struggling with police raid rumors, and controversy over its "burning" practice. After a police raid in China, the Binance exchange faced new scrutiny after it said it has no "fixed offices in Shanghai or China." The exchange also destroys, or "burns," a portion of BNB coins in circulation each quarter. Binance plans to burn half of the total BNB supply, or about 100 million coins, before pausing the practice. Though it buys the coins from holders before destroying them, the practice drives BNB demand.