Binance exchange burns $547M worth of BNB tokens

by Repost Admin October 13, 2022, 10:46 am 1.6k Views

Binance permanently destroyed $547 million worth of BNB in its 21st quarterly burning event, but the markets remain steady.

Crypto exchange platform Binance has concluded its 21st quarterly Binance Coin (BNB) burn, eliminating around $547 million worth of BNB tokens from its supply.

In an announcement, Binance said that it had destroyed a total of 2,065,152 BNB tokens which is valued at just below $600 million at the time of writing. The exchange also mentioned that an added 4,833.25 BNB was burned through its Pioneer Burn Program, a mechanism that helps users who lost their digital assets through honest mistakes.

The exchange covers these losses and returns the tokens to users, depending on specific conditions. These tokens are then deducted from the total quarterly burn by Bina