Crypto Exchange Binance Burned Over $547 Million in BNB
- Cryptocurrency exchange Binance has completed its 21st quarterly Binance Coin (BNB) token burn. 2.06 million coins worth over $547 million were withdrawn from circulation.
4,883 BNB burned as part of the Pioneer Burn initiative. Since 2017, Binance has been aiming to retire 100 million tokens, or half of the supply. The number of coins to be removed is automatically calculated using the Auto-Burn formula. The exchange switched to this mechanism at the end of 2021.