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27 July 2021

Binance 'burns' nearly $400 million worth of BNB Tokens

Binance 'burns' nearly $400 million worth of BNB Tokens


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Major cryptocurrency exchange Binance hasannouncedthat it successfully completed the 16th quarterly token burn yesterday, removing $393.6 million worth of Binance Coin (BNB) from circulation.

The latest quarterly burn includes the actual burning of 1,291,565 BNB, plus an additional 5,163 BNB that was effectively burned via the Pioneer Burn Program,” the exchange reported.

Thus, while the exchange did not publicly disclose its revenues, the latest burn suggests that Binance is currently earning a profit of around $2 billion per quarter.

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