Binance, a cryptocurrency exchange platform, has finished burning its 21st quarterly supply of BNB tokens, amounting to almost $547 million, as reported by Cointelegraph.
In a statement, Binance revealed that it has destroyed 2,065,152 BNB coins in total, which are currently worth slightly under $600 million. The exchange also said that 4,833.25 BNB more were burned through its Pioneer Burn Program, a tool for individuals who unintentionally lost their digital assets.
According to Cointelegraph, depending on certain criteria, the exchange pays these losses and returns the tokens to users. The overall quarterly burn by Binance is then reduced by the amount of these tokens.
Previously, Binance pledged to burn 20% of its quarterly profits. The exchange might have made $2.7 billion during the third quarter of 2022 without the most recent fire.
In terms of its currency worth, the 21st quarterly BNB burn was one of the largest in BNB burn history. The greatest BNB burn record was set in 2021 when over $600 million in BNB was burnt.
The burning attempts, despite the enormous amount torched, don’t appear to be having much of an impact on the Binance Coin markets at the moment, with BNB values progressively falling along with the rest of the cryptocurrency market, Cointelegraph further stated.
(With insights from Cointelegraph)
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