Binance conducts a $484 million BNB burn.

Binance, the cryptocurrency exchange, conducted the 24th quarterly burn of BNB tokens. The platform removed from circulation 1.99 million coins worth more than $484 million.

Back in 2017 the company launched a burn program aimed at removing 100 million BNB from circulation — half of the total supply. Since 2021 the number of tokens burned is automatically calculated by the Auto-Burn.

Of the total burned coins through the second quarter, 747.5 BNB were attributed to the Pioneer Burn program. Under this program, tokens proven to be lost by rightful owners are taken out of circulation.

In the previous round, in April 2023, Binance burned 2.02 million coins worth more than $676 million.

According to victims of the PopcornSwap scam, the exchange could have used the token-burn mechanism to return their stolen BNB worth about $15 million.