Questions arise around the mechanism of BNB burns

Binance, the largest crypto-to-crypto exchange based on reported volume, has finished its 10th quarterly burn on January 19th. The exchange took away the equivalent of $38.80 million in BNB from circulation, which is a 5.8% increase from $36.68 million in Q3.

In the original whitepaper, which has since been quietly modified, Binance claimed to buy back 20% of net profits in BNB and burn it. In the updated version (V1.2), Binance now says that it “destroys BNB based on the trading volume on [the] crypto-to-crypto platform.”