• 28/05/2024 19:14

Binance burned almost 2 million BNB for $1.17 billion

On April 24, 2024, Binance conducted its 27th quarterly BNB coin burn. 1,944,453 BNB were withdrawn from circulation for a total amount of $1.17 billion. Incrypted writes about this.

Binance burned almost 2 million BNB worth $1.17 billion

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The message says that the burning procedure was carried out as part of the Pioneer Burn program. In addition, the company recalled that in 2017 it made a commitment to withdraw 100 million BNB from circulation (half of the total volume).

In total, they plan to leave 100 million coins. The team added that burning is done automatically on a quarterly basis and is calculated using the Auto-Burn formula.

“BNB auto-burning provides an independent, auditable process. The numbers are reported quarterly, and the mechanism itself is independent of the centralized exchange Binance. In addition, BNB Chain continues to burn part of BNB Chain commissions in real time using the Real-Time-Burn mechanism,” the statement says.

According to the BNBBurn portal, Binance will burn 1 in the second quarter of 2024 .65 million BNB. Note that at the time of writing, the asset is trading around $606. Over the past seven days, the BNB rate has increased by more than 11%.


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