Binance completes 23rd quarterly BNB burn worth over $676 million

The cryptocurrency exchange Binance conducted its twenty-third quarterly burn of Binance Coin (BNB) tokens. 2.02 million coins were taken out of circulation, worth more than $676 million.

#Binance completes the 23rd Quarterly #BNB Burn!

? 2.02m #BNB has been burned ? pic.twitter.com/sQVli4dR1m

— Binance (@binance) April 14, 2023

In 2017 the company launched a burn program aimed at removing 100 million tokens from circulation — half of the total supply. Since 2021 the number of tokens burned has been automatically calculated according to the Auto-Burn formula.

Of the total coins removed from circulation during the quarter, 656 BNB were attributed to the Pioneer Burn program.

In the previous round in January 2023, Binance burned 2.06 million coins worth over $575 million.

In March, the BNB Chain community put forward a proposal to reduce transaction fees in the consensus protocol BSC.