Crypto Exchange Binance Burns $676M of its Native Token BNB in 23rd Token Burn

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Binance has recently completed its twenty-third quarterly BNB token burn. A total of 2.02 million coins, valued at over $676 million, were removed from circulation.

The burn program, which was launched in 2017, aims to withdraw 100 million tokens, half of the total supply.

The amount of coins to be removed is determined by the Auto-Burn formula starting in 2021. 656 BNB were taken from the Pioneer Burn program in this quarter.

The previous burn in January 2023 saw 2.06 million coins, valued at $575 million, removed from circulation.

Additionally, the BNB Chain community recently proposed a reduction in transaction fees for the BSC consensus protocol.