Binance to Help Azerbaijan Crypto Regulation
Binance Cryptocurrency Exchange
Binance, a cryptocurrency exchange, has offered to assist Azerbaijan in its efforts to establish regulations for digital assets. This year, the leading cryptocurrency trading platform has been active in the region, seeking to increase market presence and interaction with authorities.
Binance to Assist Azerbaijan’s Monetary Authority with Cryptocurrency Regulations.
The largest cryptocurrency exchange in the world, Binance, has stated that it is prepared to assist the Central Bank of Azerbaijan (CBA) in developing regulatory frameworks for cryptocurrencies, according to Olga Goncharova, the company’s Director of Governmental Relations in the Commonwealth of Independent States (CIS).
The Binance representative revealed to Trend News Agency in Azerbaijan that a recent meeting with CBA representatives included a discussion of regulatory issues and said:
In practice, both around the world and in a number of CIS countries, central banks choose the way to regulate cryptocurrency rather than ban it.
The introduction of regulation, according to Goncharova, “will boost industry confidence and foreign direct investment in the nation.” The executive emphasized that Binance sees a lot of potential for the cryptocurrency market in the future and mentioned that customers from the CIS have shown interest in its offerings.
The technology has held up, and interest in it will only increase, even though crypto assets declined this year for a variety of reasons. According to Goncharova, this technology provides financial services and other problems that citizens face with solutions that are both inexpensive and quick.
CIS Area Contacts to be Expanded by the Biggest Exchange
Olga Goncharova added that in addition to Azerbaijan, the exchange has held meetings in other former Soviet states, such as Kazakhstan and Kyrgyzstan in Central Asia, and intends to broaden the geographic scope of such contacts.
Binance offered to assist Kazakhstan’s government in the “safe development” of the nation’s cryptocurrency market in early October and consented to work with its financial regulators. Later, it received a license to offer custody and exchange services for cryptocurrencies.
The international trading platform announced the opening of a new office in Romania in September as part of its efforts to strengthen its presence in Eastern Europe. Founder and CEO Changpeng Zhao said during a visit to Bucharest that regulators are paying attention to the growing cryptocurrency industry.
The world’s largest cryptocurrency exchange, like others in the sector, has been impacted by unfavorable changes in the market, the most recent of which was the demise of its rival, FTX. On December 13, Binance experienced net outflows of $3 billion, and Zhao is quoted in a report as telling his coworkers in a memo to prepare for challenging months.
What is Binance (BNB)?
Based on daily trading volume, Binance, which was introduced in July 2017, is the largest cryptocurrency exchange globally. Binance wants to advance cryptocurrency exchanges as a major force in global finance. The concept behind Binance’s name is to illustrate this emerging financial paradigm known as Binary Finance or Binance.
In addition to being the biggest cryptocurrency exchange worldwide, Binance has introduced a vast ecosystem of features for its users. The projects that make up the Binance network—Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research—all use blockchain technology to usher in a new era of finance. BNB is essential to the smooth operation of many of the Binance side projects.
Who Are the BNB Founders?
Binance’s founder and CEO is Changpeng Zhao. Zhao joined Bloomberg in 2001 and is currently the head of trade book futures development. After working for the business for four years, he later became a partner at Fusion Systems.
Changpeng Zhao has been actively involved with cryptocurrency and blockchain technology since 2013. He was named Blockchain’s head of development, and in 2015 he launched BijieTech. Zhao formally launched Binance in 2017, and he has served as the company’s CEO ever since.
He Yi is the chief marketing officer and a co-founder of Binance. In 2012, she began working as a TV presenter and anchor for China Travel TV.
Later, in 2014, Yi co-founded OKCoin, which at the time was China’s biggest fiat-to-crypto exchange. She teamed up with Changpeng Zhao in 2017, and the two co-founded Binance, the biggest cryptocurrency exchange on the planet.
What Makes BNB Unique?
A special ecosystem of decentralized, blockchain-based networks is called Binance. The company has developed into the top cryptocurrency exchange in a number of nations, and its side projects are also drawing a lot of attention.
The desire for development that Binance has is one of its most important competitive advantages. In contrast to when it first began operations in 2017, Binance now offers services across a wide range of industries. The company’s mission, as stated on the website, is to supply infrastructure services to the entire blockchain ecosystem.
The exchange has gained from growing investor interest in the coin since launching the BNB as well. Beginning in 2021, BNB experienced a significant price increase that elevated it in the eyes of business investors.
The already deflationary tokenomics have been upgraded by policies like BEP-95 to make BNB even more deflationary. The network burns a portion of the fees in order to further decentralize after the proposal, resulting in even lower gas fees on Binance Smart Chain. The proposal was based on the well-known EIP-1559 for Ethereum.
This has assisted Binance in fending off numerous BSC protocol exploits, including a $200 million Pancake Bunny exploits and numerous hacks of Cream Finance. Despite these hacks, users keep coming back to Binance because of the low fees and plethora of profitable meme coins that are part of its ecosystem.
What Is BNB’s Auto Burn?
A coin burn is a deflationary strategy used in the cryptocurrency sector to remove coins from circulation permanently. To maintain the value of their digital asset and produce a deflationary effect, the majority of cryptocurrency projects, including Binance, burn coins from time to time.
In the case of Binance, the cryptocurrency exchange started the program in late 2017 and has so far burned over 38 million tokens via its quarterly burn. The cryptocurrency exchange plans to burn up to 100 million BNB tokens every quarter, or 50% of its current circulating supply.
BNB uses two mechanisms for burning coins. A portion of the tokens used to pay transaction fees on the BNB Chain is burned in the first mechanism, and its quarterly BNB burning events serve as the second.
Previously, revenue from the Binance centralized exchange was used to determine the quarterly burn event. However, under the new BNB Auto-Burn program, the total number of blocks generated on the Binance Smart Chain and BNB’s average dollar price over the quarter are used to determine how many tokens will be burned.
Binance had finished 20 BNB coin burn events as of July 2022. A total of 38,683,447.66 BNB tokens have been destroyed, which represents a 19.34% decrease from the 200M initial supply.
How to Binance (BNB) Work?
Binance is a platform for digital asset solutions that includes CEX, DEX, blockchain networks, cryptocurrencies, etc. The Proof of Stake (PoS) and Proof of Authority (PoA) consensus mechanisms are used by BNB Chain, the primary blockchain network. It consists of two subchains:
- BNB Beacon Chain, formerly known as Binance Chain, is in charge of governance.
The majority of on-chain transactions take place on the EVM-compatible BNB Smart Chain (formerly known as Binance Smart Chain).
Latest BNB Price Data
The current live BNB price is $327.78 USD with a $544,507,904 USD 24-hour trading volume. We continuously update our BNB to USD price. In the past 24 hours, BNB has decreased by 0.14%. With a live market cap of $51,756,453,719 USD, CoinMarketCap currently ranks #4. It has a maximum supply of 200,000,000 BNB coins and a circulating supply of 157,899,881 BNB coins.
If you’re looking for the best cryptocurrency exchanges to buy BNB at the moment, Binance, BTCEX, OKX, Deepcoin, and Bybit are currently the top choices. On our page for crypto exchanges, you can find more.
How Many BNB Tokens Are in Circulation?
There is an initial maximum supply of 200,000,000 BNB coins, of which 168,137,036 are currently in circulation as of September 2021.
Binance conducts quarterly burning of the BNB supply, with the goal of reducing the total supply by half — or 100,000,000 BNB. On July 18, 2021, it conducted its 16th quarterly burning, which was worth $390 million in BNB price at the time of burning. However, that was not the most expensive burn — on April 16, 2021, the exchange burned nearly $600 million worth, in BNB price at the time of burning.
According to the Binance whitepaper, exactly half of the maximum supply of BNB coins was allocated towards the initial coin offering (ICO) and public sale of the coin. The ICO was held in July 2017 shortly after the exchange launched, and saw Binance raise $15 million in funding, with BNB price at $0.10 during the ICO. Taking BNB price today, that represents an almost 4200X return on investment (ROI). Another 40% of the total supply, or around 80,000,000 BNB coins, was distributed among the founding members and team. Finally, the remaining 10% of the maximum supply was split among angel investors.
How Secure Is the BNB Network?
The BNB originally began as a conventional ERC-20 token on the Ethereum blockchain. Later, the business unveiled its own blockchain, and the tokens issued from it began to be secured by the Tendermint byzantine-fault-tolerant (BFT) consensus mechanism.
ERC-20 tokens, on the other hand, rely on the proof-of-stake (PoS) consensus, which enables extremely high scaling and the development of smart contracts. The Binance blockchain does not support smart contract features, in contrast to PoS. The proof-of-work (PoW) consensus, which is much more constrained and uses a lot of energy and computing power, is used to secure the Bitcoin blockchain.
Where can I purchase BNB?
The simplest way to acquire BNB coins would be to buy them through Binance because BNB is the exchange’s exclusive utility token. The original exchange offers the widest selection of BNB trading pairs and the most competitive coin exchange rates. The popularity of the BNB to PHP exchange rate has significantly increased since the introduction of Play2Earn games.
FTX is a good option if you’re looking for alternative exchanges where you can buy BNB. Remember that investing in cryptocurrencies, like investing in any other kind of asset, can be risky.