Crypto exchange OKX burns $244 million worth of OKB tokens

Key takeaways

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

• The crypto substitute burned $244 million price of its native token, its best possible-ever burning program.

OKX burns 5.5 million OKB tokens

Cryptocurrency substitute OKX has repurchased and burned 5.5 million of its native OKB token in its most new month-to-month program.

In step with Wu Blockchain, the crypto substitute burned roughly $244 million price of its native OKB token, indispensable price it had repurchased and burned. This most new cryptocurrency news implies that 5.5 million OKB tokens were taken from the OKB’s entire provide. 

Wu published that this most new trend is a file one for the OKX cryptocurrency substitute. 

OKX is no longer most doubtless the greatest fundamental cryptocurrency substitute that burns its native tokens periodically. Binance, the sphere’s greatest cryptocurrency substitute by daily trading quantity, is identified for burning its BNB tokens every quarter. 

OKX describes its native token as a world utility token issued by the OKX Blockchain Foundation. The token enables holders to assemble pleasure from advantages, including reductions, new entry, and extra.

Since its inception in Can also 2019, OKX has burned 64,042,314.70 tokens. At press time, the mark of OKB stands at $44.8, up by no longer up to 1% within the final 24 hours.

Crypto exchanges face the warmth

OKX’s most new milestone comes at a time when its rival exchanges, Binance and Coinbase, are facing pressures from the US Securities and Alternate Payment.

Earlier this week, the US SEC filed a lawsuit towards Binance, alleging that the cryptocurrency substitute and its CEO, Changpeng Zhao, violated US securities laws by offering providers to high-valued US customers on its platform.

The regulatory company also wants to freeze the sources on Binance.US, the US arm of the Binance crypto substitute.

Almost at this time after that, the SEC also filed a lawsuit towards Coinbase, alleging that the crypto substitute is working as an unregistered broker.