Crypto exchange OKX burns $244 million worth of OKB tokens

important point

• OKX has burned 5.5 million OKB tokens in its 20th OKB repurchase and burn program.

• The cryptocurrency exchange burned $244 million worth of native tokens, making it the best burning program ever.

OKX writes 5.5 million OKB tokens

Cryptocurrency exchange OKX has bought back and burned 5.5 million native OKB tokens in its latest monthly program.

According to Wu Blockchain, the cryptocurrency exchange burned approximately $244 million worth of native OKB tokens, the largest value the company has bought back and burned.this latest cryptocurrency news This means that 5.5 million OKB tokens have been extracted from the total supply of OKB.

Wu revealed that this latest development is a record for the OKX cryptocurrency exchange.

OKX is not the only major cryptocurrency exchange that regularly burns native tokens. Binance, the world’s largest cryptocurrency exchange by daily trading volume, is known to burn BNB tokens on a quarterly basis.

OKX describes its native token as a global utility token issued by the OKX Blockchain Foundation. This token allows holders to enjoy benefits such as discounts and exclusive access.

Since its launch in May 2019, OKX has burned 64,042,314.70 tokens. At the time of writing, OKB is priced at $44.8, up less than 1% over the past 24 hours.

Crypto exchanges face heat

OKX’s latest milestone comes as rival exchanges Binance and Coinbase face pressure from the U.S. Securities and Exchange Commission.

Earlier this week, US SEC files lawsuit against Binanceclaimed that the cryptocurrency exchange and its CEO, Changpeng Zhao, violated U.S. securities laws by serving high-value U.S. customers on their platform.

The regulator also wants to freeze the assets of Binance.US, the U.S. arm of crypto exchange Binance.

Shortly after, the SEC also Filed lawsuit against Coinbaseclaims the cryptocurrency exchange operates as an unregistered broker.