‘Forgotten’ $750 Million in BNB Tokens Unlocked and Allocated to Binance Staff
Changpeng Zhao today said that Binance just unlocked a large amount of Binance coin (BNB) for their staff. He further said that the tokens were supposed to be released six months ago and, the exchange overlooked to execute this process before.
Binance ran its ICO in 2017 and, at the time organization allocated some coins to its staff. These coins were to be handed over to its employees periodically. Over the years, they have missed allocation and completing this milestone.
This BNB allocation worth 16 million was supposed to be released in July 2020. Now the coins worth closer to $752 million as of today at Binance coins’ price today of $47. The exchange offers discounts on trading fees for its customers for using BNB for trading. The company uses BNB token to power Binance’s decentralized exchange building the whole ecosystem around it.
Binance today burned the largest supply of coins. However, this process helped to put upward pressure on the value of BNB. The organization carries out this process regularly to keep the upward pressure on the price of the token.
What are your thoughts on Binance’s allocation of tokens among its staff? Leave a comment on the comments section below.
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