Cryptocurrency exchange Binance has completed its 26th BNB token burn. The platform removed 2.1 million coins (1.41% of the total supply) valued at approximately $636 million from circulation.
The 26th quarterly $BNB token burn has been completed through #BNB Auto Burn.
? 2.14m #BNB has been burned ?
View burn details ⬇️https://t.co/X87qqzEdFv pic.twitter.com/0zaLCkfs39
— BNB Chain (@BNBCHAIN) January 17, 2024
In 2017, the company initiated a burn program aimed at removing 100 million BNB — half of the total supply — from circulation. Since 2021, the number of coins removed is automatically calculated using the Auto-Burn formula.
In the previous round in October 2023, Binance burned 2.14 million BNB worth over $453 million. In July, the cryptocurrency exchange removed 1.99 million BNB valued at $484 million from circulation.
Earlier, Binance analysts described 2023 as a “largely favourable turnaround for the crypto industry.”