bnb, binance

Binance burned $400 million worth of BNB in its token burn event

Binance, the world’s largest cryptocurrency exchange, has completed its 16th quarterly Binance Coin (BNB) burn, destroying over $390 million in BNB.

Binance announced on July 18 that it had destroyed 1,296,728 BNB tokens worth just under $400 million.

A total of 5,163 BNB were destroyed through the exchange’s Pioneer Burn Program, which is designed to assist users who have lost tokens due to honest mistakes in smart contract transactions.

Binance compensates for the losses by returning tokens to users in certain circumstances. The exchange then subtracts these token numbers from the quarterly burn totals.

Binance has pledged to burn 20% of the exchange’s profits every quarter. With the most recent burn implying that the exchange made $2 billion in profit in the second quarter of 2021.

The latest burn is the second-largest in terms of fiat value in Binance Coin’s history. After a massive $600 million worth of BNB was destroyed in March.

Despite its size, the burn appears to have had little impact on Binance Coin markets. With BNB prices trending sideways over the weekend.

Binance has recently been up against regulators on multiple fronts. With the United Kingdom, Germany, and Hong Kong exerting significant regulatory pressure.

As the country’s financial regulator cracks down on unregulated cryptocurrency trading platforms. A number of high street banks in the United Kingdom have barred their customers from transacting with the exchange.

Binance abruptly halted the sale of its stock tokens on July 16.