Binance burns over $1.17b in BNB tokens

Binance burned 1.94 million Binance Coin tokens, removing them from circulation.

The cryptocurrency exchange Binance announced the completion of its 27th quarterly Binance Coin (BNB) token burn, removing $1.17 billion worth of coins from circulation. The volume of BNB destroyed was approximately 1.3% of the total supply of the asset.

However, this time, the procedure did not include burning tokens as part of the Pioneer Burn program.

The BNB token’s price failed to react to the news about the burning of tokens. According to CoinMarketCap, in 24 hours, the token lost 0.9% from its previous value, falling to $600 at the time of writing.

Over the past week, the token’s price rose by 13% despite recent news about the U.S. seeking to impose a three-year jail sentence on Binance founder Changpeng Zhao.

BNB’s market capitalization dropped by 2.2% to $88 billion, while trading volumes increased slightly by 1.4%.

Before this, Binance removed approximately 2.14 million BNB worth $636 million from circulation in January. The volume of BNB destroyed was approximately 1.38% of the total supply of the asset.

During the launch of BNB in 2017, a commitment was made to destroy 100 million coins — half of the coin’s entire supply — through burning. The offer is automatically executed every quarter and calculated using the auto-burn formula.

Binance representatives explained that this provides a transparent, auditable, and objective process independent of the centralized exchange. In addition, BNB Chain continuously burns a portion of the gas fees on the blockchain in real-time.