Binance announced the launch of Auto-Burn, a new BNB automatic burning mechanism. Its purpose is to provide greater transparency and predictability to the BNB community.
BNB Auto-Burn will also foster the development and maintenance of a healthy blockchain ecosystem with Binance Smart Chain (BSC), Binance Coin (BNB), communities.
The official blog post states that the new system will feature two key features: objectivity (and verifiability). It won’t be based upon Binance’s native token revenue. The BNB price will determine the amount that must be incinerated. The demand for coins and the production of blocks during the quarter will affect the amount of burned coins.
According to the exchange, Auto-Burn BNB’s introduction has triggered another chapter in developing native tokens and BSC. Binance Smart Chain had also introduced an automatic combustion mechanism. The activation of the mechanism has allowed fees to be burned in real-time. This is done to decentralize the network and speed up the combustion process.
Binance plans to enter the UK market.
Several years ago, Changpeng Zhao, chief of Binance exchange, stated that his company would apply to the Financial Conduct Authority in the UK. Although tensions have existed between the platform regulator and him for some time, he assured us that they had recently improved their relationship. He also proposed changes to the company to solve some of the FCA problems.
We are committed. We are making significant changes to our organizational structures, product offerings, internal processes, and how we interact with regulators.
The UK’s Financial Conduct Authority (FCA has taken a very negative view of Binance in recent months. First, it warned that the exchange could not be operated in the country. The FCA reaffirmed its position in August, and it stated that Binance is a risk for investors and could not be effectively supervised.
BRITISH regulators and many other international regulators warned that the exchange had been in trouble. This is why the exchange decided to change its structure to comply with top-down regulations.