Binance Burns Over $1.17 Billion in BNB Tokens

Cryptocurrency exchange Binance has conducted its 27th quarterly burn of Binance Coin (BNB) tokens, removing 1.94 million coins worth $1.17 billion from circulation.

The 27th quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC) during the ongoing BNB Chain Fusion.

?1.94M #BNB has been burned ?

View burn details ⬇️ https://t.co/N2pp3Lu5Sf pic.twitter.com/S9Jrm5eUdL

— BNB Chain (@BNBCHAIN) April 24, 2024

The volume of BNB destroyed amounted to approximately 1.3% of the total supply of the asset.

This time, the procedure did not include token burning under the Pioneer Burn program.

At the launch of BNB in 2017, a commitment (BEP-95) was made to destroy 100 million coins—half of the total issuance—through burning. The proposal is automatically executed each quarter and calculated using the Auto-Burn formula.

“The automatic BNB burn provides an independent, verifiable, and objective process. Metrics are published quarterly, and the mechanism is independent of the centralized Binance exchange. Additionally, BNB Chain continues to burn a portion of gas fees on the blockchain in real-time,” the platform’s blog states.

In the October round, Binance removed approximately 2.14 million BNB worth $453.5 million from circulation.