Crypto trade OKX burns $244 million value of OKB tokens

Key takeaways

• OKX burned 5.5 million OKB tokens in its twentieth OKB repurchase and burning program.

• The crypto trade burned $244 million value of its native token, its highest-ever burning program.

OKX burns 5.5 million OKB tokens

Cryptocurrency trade OKX has repurchased and burned 5.5 million of its native OKB token in its newest month-to-month program.

In keeping with Wu Blockchain, the crypto trade burned roughly $244 million value of its native OKB token, the most important worth it had repurchased and burned. This newest cryptocurrency information implies that 5.5 million OKB tokens had been taken from the OKB’s whole provide. 

Wu revealed that this newest growth is a document one for the OKX cryptocurrency trade. 

OKX just isn’t the one main cryptocurrency trade that burns its native tokens periodically. Binance, the world’s largest cryptocurrency trade by every day buying and selling quantity, is thought for burning its BNB tokens each quarter. 

OKX describes its native token as a world utility token issued by the OKX Blockchain Basis. The token permits holders to take pleasure in advantages, together with reductions, unique entry, and extra.

Since its inception in Could 2019, OKX has burned 64,042,314.70 tokens. At press time, the value of OKB stands at $44.8, up by lower than 1% within the final 24 hours.

Crypto exchanges face the warmth

OKX’s newest milestone comes at a time when its rival exchanges, Binance and Coinbase, are going through pressures from the US Securities and Alternate Fee.

Earlier this week, the US SEC filed a lawsuit in opposition to Binance, alleging that the cryptocurrency trade and its CEO, Changpeng Zhao, violated US securities legal guidelines by providing companies to high-valued US prospects on its platform.

The regulatory company additionally desires to freeze the belongings on Binance.US, the US arm of the Binance crypto trade.

Shortly after that, the SEC additionally filed a lawsuit in opposition to Coinbase, alleging that the crypto trade is working as an unregistered dealer.

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