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Binance once again broke promises to try and milk more money from it’s users

Read this up, article from the last BNB burn:

https://www.binance.com/en/blog/421499824684901482/14th-BNB-Burn-%7C-Quarterly-Highlights-and-Insights-from-CZ

>Since launching BNB and Binance three and a half years ago, Binance has committed to burn 100 million BNB, or half of the total supply. Initially, the speed of the burn was associated with trading volumes on Binance. This turns out to be somewhat “slow”, or at least slower than we originally anticipated.

(???)

> We are just burning a bit more each time, faster. Logically, there should be no reason to be upset that we will burn some more coins from our reserve at a faster rate.

So what’s happening is they can basically change the rules as they please. Don’t want the burn to be based on trading volume? Done.

They even bring up a point (as if they are saints for doing this) of:

> No changes to our existing commitments to burn 100 million BNB.

I can guarantee you that this will change in the future aswell.

They actually promised that they’d accelerate the burn. Last one (14th) was 3.6 mil BNB. They **promise** to increase it. Then they reduce the burn by a huge amount. Lazy, money-hungry, hypocritic whales.

If it isn’t clear enough, Binance are the ones who are selling the most BNB at this price. They basically “save” this BNB for later when they expect the price to drop, and will then continue burning at a higher rate.



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8 Comments

  1. Why are upset about them burning tokens lol? They could sell the tokens, but are instead destroying them. I understand if they were minting new ones out of nowhere. Good for them, good for hodlers.

  2. Binance (and any other exchange in a matter of fact) has never and will never act in our best interest. Only reason why one might come across as better option than another is competition and to attract us a consumers for their “products” – when it comes to profits they couldn’t give a shit about their users unfortunately.

  3. That’s centralization. Decentralization isn’t just a fad, it’s the reason we have a crypto market in the first place. Binance doesn’t care about any rules, crypto, sec regulations etc. Its a ticking bomb and rugs will be pulled.

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