Binance Proceeds 21st Quarterly BNB Burn Worth $547 Million

Binance has completed its 21st quarterly BNB burn, removing about $547 million in BNB tokens from its supply.

Binance announced that it has destroyed a total of 2,065,152 BNB tokens, which were worth slightly under $600 million at the time of writing. In addition, an additional 4,833.25 BNB was burnt through its Pioneer Burn Program, a mechanism that assists users who have lost their digital assets due to honest mistakes.

Depending on the circumstances, the exchange will pay these losses and refund the tokens to users. Binance then deducts these tokens from the overall quarterly burn.

Binance previously promised to destroy 20% of its income each quarter. The latest burn might have resulted in a $2.7 billion profit for the exchange during the third quarter of 2022.

In terms of fiat value, the 21st quarterly BNB burn is one of the largest in BNB burn history. Around $600 million in BNB was destroyed in 2021, making it the highest BNB burn on record.

Despite the vast quantity destroyed, it does not appear that the burning activities had a significant influence on the Binance Coin markets at the time, with BNB values going steadily downward alongside the rest of the crypto market.

Besides, the unfavorable CPI data caused Bitcoin and altcoins to fall in line with the overall market. At the time of writing, BNB is trading at $273.6.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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