Cryptocurrency News

Binance Completes 16th Quarterly BNB Burn Of Over $390 Mln.

Leading cryptocurrency exchange Binance completes its 16th quarterly Binance Coin [BNB] burn, burning over $390 Mln worth of BNB.

Earlier on 18th July, Binance reported that it had destroyed 1,296,728 BNB tokens valued at slightly below $400 Mln at the reporting time.

The exchange additionally added that 5,163 BNB were burned via its Pioneer Burn Program – an incentive that aims to assist users who have lost tokens through honestly mistaken transactions to smart contracts.

Binance covers the losses, returning the tokens to users under specific circumstances. These token numbers are then deducted from the quarterly burn totals by the exchange.

Binance Completes 16th Quarterly BNB Burn Of Over $390 Mln.

Binance has pledged to burn 20% of the exchange’s profits quarterly, with the newest burn suggesting the exchange might have profited by $2 Bln within the second quarter of this year.

The latest burn is among the second-largest in Binance Coin’s history by fiat value, with a whopping $600 Mln worth BNB having been destroyed earlier in March.

Despite the size of the burn, the event appears to have very little impact on the BNB markets, with BNB prices trending sideways over the weekend.

At the reporting time, BNB is presently trading at a price of around $280.89 USD. It’s presently down 61% from its 10th May all-time high of $686 USD but remains up a powerful 700% since the starting of this year.

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