Binance DEX Adds BNB/BUSD Trading Pair, Burns $36.7 million worth of Binance Coin

The decentralized exchange rolled on by crypto exchange giant Binance earlier this year is now offering it's clients a new service to purchase and sell Binance’s new USD-pegged stablecoin with BNB.

On Oct 17, on its official Twitter platform, Binance DEX announced a new listing on its platform, BNB/BUSD Trading Pair. the pairing means that traders will now have the option to buy and sell BUSD using the Binance Coin (BNB).

BUSD Gets Regulator's NOD

In the recent past the crypto space has witnessed a significant growth in the number of stablecoins. These are assets which are pegged or backed by physical or touchable assets and, in most cases, the US dollar, the world’s reserve currency. Some of the most popular ones include Tether (USDT), USD Coin (USDC), Gemini Dollar (GUSD), among others. Recently, Binance joined the fray as one of the coin emitters with its Binance USD (BUSD).

Recently BUSD was approved by the New York State Department Of Financial Services (NYDFS). According to Binance, the launching of BNB/BUSD trading pairs will help in adding liquidity in the market to the advantage of the customers. At the moment BUSD is ranked number 287 among the most popular cryptos in the market.

Binance Burns More BNB

Meanwhile, Binance CEO Chaopeng Zhao popularly known as CZ, has announced that the company has burned 2,061,888 BNB worth about $36.7 million. This is the ninth BNB burn and represents about 1.1% of the total BNB supply.

According to U Today, coin burning can be described as the permanent removal of coins from circulation, thereby reducing the amount of coins in circulation. Binance burns BNB coins on the basis of the volume of trades made within its exchange over the last 3 months. Therefore, in every quarter, the crypto exchange giant burns some BNB coins.

According to CZ, the high amount of BNB burn shows significant growth and he credits it to the launching of fresh services like margin trading and futures trading.

Binance plans to keep on burning BNB within its possession until there are only 100 million left.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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