According to reports, Coin An has revised BNB's white paper and removed the clause regarding the company using 20% profit to repurchase BNB.As shown in the following figure: The version on the left shows the original description when it was first published in 2017 (highlighted in red), while the new version is shown on the right
According to reports, Coin An has revised BNB's white paper and removed the clause regarding the company using 20% profit to repurchase BNB.
As shown in the following figure: The version on the left shows the original description when it was first published in 2017 (highlighted in red), while the new version is shown on the right. Coin An recently repurchased 829888 BNBs for the 7th time, worth approximately $15.6 million.
Regarding the changes in the white paper, Zhao Changpeng, CEO of Coin An Company, explained that, This change is to clarify the facts: We have recently updated our white paper to better describe how we burn BNBs. For example, we have removed repurchase references because we did not actually repurchase BNBs, but only reduced supply by burning BNBs. We have also removed language of interest because some places tend to associate profits with securities, but we hope BNBs stay away from such connections. So, next, we will We need to rephrase the burning work and burn what we should have burned
A spokesperson for Coin An also confirmed that BNB's combustion rate is still 20% of the profit.
However, the white paper was updated without proper procedures, which is a question worth exploring in itself. According to reports, this move may be related to Coin An's attempt to use compliance terminology and terms related to the securities industry.
My first impression is that this may seem like a positive adjustment, after all, the goal is towards compliance, "said a cryptocurrency executive. I think this is a positive step towards better compliance with regulations
However, Stephen Palley, a regular contributor and lawyer for The Wall Street Journal, stated: "If the underlying reason behind Coin's decision is for regulatory agencies, then this modification may not be sufficient to avoid potential issues that may arise in the future. The change in wording in the white paper may not necessarily affect regulatory agencies' analysis of whether something is safe
In addition, burning only a portion of the tokens in Coin An cannot bring the same benefits to token holders as stock buybacks.
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