Binance
Burns $68 Million of BNB in Its Largest Quarterly Burn to Date
Cryptocurrency exchange Binance
has burned $68 million worth of its own cryptocurrency, the Binance Coin
(BNB), in its largest burns in terms of dollar value to date, and the
fourth-highest in terms of the amount of BNB burned.
The exchange destroyed a total of 2,253,888 BNB tokens,
effectively taking them out of circulation and increasing the scarcity of
remaining tokens. Binance users a share of its profits to buy BNB from the
market and burns the BNBs it buys every quarter, with the goal of reducing
the cryptocurrency’s circulating supply to 100 million.
Last quarter, Binance burned
1.74% of the token’s circulating supply at the time or 3,477,388 tokens. The
quarter before that it burned 1.69% of the supply, or 3.4 million tokens.
