• February 27, 2024

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Crypto Exchange Binance Burns Almost $600M in BNB

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Crypto exchange Binance has held its twenty-second quarterly Binance Coin (BNB) token burn. During it, 2.06 million coins ($575 million) have been withdrawn from circulation.

Recall that the exchange launched a burn program in 2017 in order to withdraw 100 million tokens from circulation, which is actually half of the asset’s total supply. From 2021, the number of coins to be removed is automatically calculated using the Auto-Burn formula.

The exchange CEO, Changpeng Zhao, has commented:

“BNB Auto-Burn provides an unbiased and independent review process. The numbers are reported quarterly and this mechanism is independent of Binance. In addition, BNB Chain still continues to burn part of the gas fee in real time using the Real-Time-Burn mechanism.”

The program has burned over 145,000 BNB since its launch through the activation of the BEP-95 update.