Binance burns BNB worth more than $547 million

Binance, the cryptocurrency exchange, conducted its 21st quarterly burn of Binance Coin (BNB). 2.06 million tokens were removed from circulation, worth more than $547 million.

#Binance Completes 21st Quarterly #BNB Burn!

🔥 2.06m #BNB has been burned 🔥 pic.twitter.com/VHvt1E4FzB

— Binance (@binance) October 13, 2022

Under the Pioneer Burn initiative, 4,883 BNB were burned.

Binance has sought to remove 100 million tokens from circulation since 2017, or half of the supply. The number of tokens to be burned is automatically calculated by the Auto-Burn formula. The exchange switched to this mechanism at the end of 2021.

“BNB Auto-Burn provides a verifiable, objective process, independent of the centralized Binance exchange. In addition, the BNB Chain continues to burn a portion of gas fees in real time as part of the gas burn,” the statement said.

According to CoinGecko, BNB fell 2.6% in the last 24 hours. The asset trades near $265, with quotes briefly slipping to $262.

In September 2022, Binance introduced the Terra Classic burn mechanism (LUNC) to support the ecosystem of the project that collapsed in May.

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