Crypto exchange OKX burns $244 million worth of OKB tokens

Key takeaways

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

• The crypto exchange burned $244 million worth of its native token, its highest-ever burning program.

OKX burns 5.5 million OKB tokens

Cryptocurrency exchange OKX has repurchased and burned 5.5 million of its native OKB token in its latest monthly program.

According to Wu Blockchain, the crypto exchange burned roughly $244 million worth of its native OKB token, the largest value it had repurchased and burned. This latest cryptocurrency news implies that 5.5 million OKB tokens were taken from the OKB’s total supply. 

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

OKX is not the only major cryptocurrency exchange that burns its native tokens periodically. Binance, the world’s largest cryptocurrency exchange by daily trading volume, is known for burning its BNB tokens every quarter. 

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

Since its inception in May 2019, OKX has burned 64,042,314.70 tokens. At press time, the price of OKB stands at $44.8, up by less than 1% in the last 24 hours.

Crypto exchanges face the heat

OKX’s latest milestone comes at a time when its rival exchanges, Binance and Coinbase, are facing pressures from the US Securities and Exchange Commission.

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

The regulatory agency also wants to freeze the assets on Binance.US, the United States arm of the Binance crypto exchange.

Shortly after that, the SEC also filed a lawsuit against Coinbase, alleging that the crypto exchange is operating as an unregistered broker.