Binance is burning $ 390 million worth of BNB tokens

Major crypto exchange Binance has completed its 16th quarterly Binance Coin (BNB) burn, destroying over $ 390 million worth of BNB.

On July 18, Binance reported that 1,296,728 BNB tokens, which at the time were worth nearly $ 400 million, had been destroyed.

The exchange recorded an additional 5,163 BNB destroyed by the Pioneer Burn program – an incentive to help users who have lost their tokens through honest confusion transactions with smart contracts.

Binance covers losses and returns tokens to users under certain circumstances. These tokens are then deducted from the quarterly total by the exchange.

In short: 1,296,728 #BNB ($ 390,855,150) burned by @Binance.

The remaining 16 million BNB were activated as planned in the whitepaper and moved to a pool address.#Binance group has never used or sold a group #BNB So far only burn.

– CZ Binance (@cz_binance) July 18, 2021

Binance has pledged to burn 20% of the exchange’s profits each quarter, with the latest fire suggesting the exchange could raise $ 2 billion in the second quarter of 2021.

The most recent burn was the second largest in Binance Coin’s history by fiat value, with BNB worth a whopping $ 600 million destroyed in March.

Despite the size of the fire, the event appears to have had little impact on the Binance Coin market as BNB prices trended sideways over the weekend.

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At the time of going to press, the NBB is trading less than 1% that day at $ 301.66. It’s now down 56% from its all-time high of $ 686 on May 10, but it’s still up an impressive 700% since the start of the year.

Binance has been battling regulators on multiple fronts recently, with significant regulatory pressure coming from the UK, Germany and Hong Kong.

In the UK, several high-profile banks have also restricted their customers from trading exchanges as the country’s financial regulator tightened its control over unregulated cryptocurrency trading platforms.

On July 16, Binance unexpectedly stopped selling its security tokens.