Binance conducts BNB token burn worth nearly $600 million

The cryptocurrency exchange Binance conducted the fifteenth quarterly burn of Binance Coin (BNB). 1,099,888 BNB were removed from circulation ($595 million at the time of the operation).

#Binance Completes 15th Quarterly #BNB Burn

🔥🔥 A record $595.3M USD has been burned! 🔥🔥

➡️ https://t.co/F4CCYGuzUM pic.twitter.com/wotIbKH0Nt

— Binance (@binance) April 16, 2021

The Block analyst Larry Cermak noted that the latest BNB burn “differs from the previous ones”.

Binance’s Q1 burn stands out a bit over the previous ones pic.twitter.com/wXmmvGd2yy

— Larry Cermak (@lawmaster) April 16, 2021

“Imagine you are burning half a billion dollars. Wait, don’t imagine that. It’s real,” — написал CEO Binance Changpeng Zhao.

On 12 April 2021 the price of the BNB token reached a new high at $600, with a market capitalization of $92.25 billion. At the time of writing the coin was trading at around $518, according to CoinGecko.

In January 2021, Binance burned 3,619,888 BNB, worth $165.8 million in fiat terms. Previous record was set in October when the exchange burned 2,253,888 BNB.