Binance Burns $620 Million Worth of BNB
TL;DR Binance, the world’s largest cryptocurrency exchange, announced completing the 22nd burn of its native token BNB. The burn removed 2.064 million BNB from circulation, worth almost $620 million at today’s prices. 7,181 out of the burned tokens came from the company’s Pioneer Burn Program. BNB has been rising steadily since the start of 2021 and entered 2023 at around $240 before soaring to $315 on Saturday.
The world’s largest cryptocurrency exchange continues with its goal to reduce the overall BNB in circulation to 100 million.
To do so, the company announced completing the 22nd burn of its native token.
Binance’s statement informed that it has removed 2.064 million BNB from circulation, worth almost $620 million at today’s prices.
The 22nd burn became the largest in terms of BNB tokens since the record-setting 14th, which happened two years ago.
7,181 out of the 2.064 burned today came from the company’s Pioneer Burn Program. Introduced in 2020, the feature aims to aid people who have lost access to their BNB tokens once they submit requests through the customer service page and are approved by the exchange.
The Pioneer Burn Program works alongside the other BNB burning processes, more of which you can find here.
Binance’s native crypto has been on a roll since the start of the year, along with the rest of the market. It entered 2023 at around $240 but soared by double digits in the following few weeks.
This culminated in a surge to $315 on Saturday, which painted BNB’s highest price tag since late November 2022. Despite retracing slightly since then, the asset still trades above $300.