Binance exchange burns $547M worth of BNB tokens

Crypto speech level Binance has concluded its 21st quarterly BNB (BNB) burn, eliminating astir $547 cardinal worthy of BNB tokens from its supply. 

In an announcement, Binance said that it had destroyed a full of 2,065,152 BNB tokens, which is valued astatine conscionable beneath $600 cardinal astatine the clip of writing. The speech besides mentioned that an added 4,833.25 BNB was burned done its Pioneer Burn Program, a mechanism that helps users who person mislaid their integer assets done honorable mistakes. 

The speech covers these losses and returns the tokens to users, depending connected the circumstantial conditions. These tokens are past deducted from the full quarterly pain by Binance.

— Binance (@binance) October 13, 2022

Previously, Binance committed to burning 20% of its profits for each quarter. With the latest burn, the speech could person profited by $2.7 cardinal during the 3rd 4th of 2022. 

The 21st quarterly BNB pain is 1 of the larges amounts burned successful BNB pain past successful presumption of its fiat value. Back successful 2021, astir $600 cardinal successful BNB was burned, marking the largest BNB pain connected record.

Despite the monolithic magnitude burned, the burning efforts don't look to person had a immense interaction connected t Binance Coin markets astatine the moment, with BNB prices moving dilatory downward on with the remainder of the crypto market.

Related: Binance introduces BNB Auto-Burn to regenerate quarterly pain protocol

On Oct. 3, the speech besides owned up to its commitment to assistance tTerra Luna Classic (LUNC) — formerly Terra (LUNA) — investors by burning the LUNC trading fees collected connected its LUNC/BUSD and LUNC/USDT spot and borderline pairs. The speech announced that successful the archetypal burn, astir $1.8 cardinal worthy of LUNC tokens were burned.

While immoderate parts of the assemblage are burning tokens, immoderate are burning artworks worthy millions of dollars. On Oct. 12, British creator Damien Hirst acceptable immoderate of his physical artworks ablaze during a livestream to implicit his nonfungible token (NFT) task called "The Currency."