Only one cryptocurrency is outperforming bitcoin this year — and its exchange has pioneered the practice of destroying coins every quarter

Business Insider Australia | Dec 7, 2019 at 4:03 PM
  • Binance Coin is the only major cryptocurrency outperforming bitcoin this year, but its namesake exchange faces heightened scrutiny for its “burning” practice and police raid rumours.
  • The coin’s run-up is likely boosted by the exchange’s quarterly practice of destroying, or “burning,” BNB to reduce the number of tokens outstanding.
  • Binance destroyed $US36.7 million worth of BNB at the end of the third quarter, or roughly 2 million coins.