Odaily Planet Daily News: According to the official announcement, Binance stated, "Later today, Binance will destroy a large number of Binance-pegged Tokens on BNB Chain, and then release an equal amount of tokens used as collateral on its local network." As previously reported, on February 15, Binance announced that it had started the "destruction and release" process to facilitate withdrawals of Binance-pegged Tokens on its original network.