Binance to Unlock BNB Balances to Fix Circulating Supply Differences with Coinmarketcap
An interesting thing is observed when you compare the circulating supply of Binance Coin (BNB) as reported on coinmarketcap.com, to that that is displayed on the Binance.com website. On coinmarketcap, the amount of BNB circulating in the market is recorded as 112.44 Million whereas on the Binance website, we find that this number is 144.44 Million. Doing the math, there is a difference of roughly 32 Million BNB that coinmarketcap does not report.
Screenshots from both platforms have been provided for a better visualization.
Below is a screenshot from Binance.com.
Binance to Slowly Unlock Balances
It is with this observation that Binance CEO, Changpeng Zhao, announced via twitter, of the intention by the exchange to unlock some BNB from the creator’s addresses to adhere to how coinmarketcap calculates its values. The tweet went on to state the following:
$BNB circulating supply the way CMC calculates, we will move the unlocked balances out of the creator’s addresses over next few days, in small txs as to avoid big fluctuations as suggested by CMC. And reach the final correct circulating supply of 144,443,301 $BNB on CMC.
No Need To Panic
The main intention of the tweet by Changpeng Zhao, was to notify the users of the platform about the planned events affecting BNB. By issuing a notice ahead of time, Binance avoids a situation where users assume there is something wrong with the platform, thus resulting in panic selling.
The full tweet not to panic can be seen below.
lol, this tweet is precisely to avoid people mistakenly panicking (and sell). There will be happy buyers, I am sure. But make your own judgements. Nothing changes other than moving a few coins to different addresses.
— CZ Binance (@cz_binance) September 22, 2018
Also to note is that with Binance unlocking the BNB, the digital asset will move a few slots up on coinmarketcap.com. The rankings on coinmarketcap will resemble those on Binance that place BNB in the 14th position ahead of NEO and Ethereum Classic (ETC).
What do you think of Binance unlocking BNB in the creator’s addresses to adhere to how Coinmarketcap.com calculates its market cap for cryptocurrencies? Please let us know in the comment section below.