The post Top Crypto Exchange, Binance Burns $547 Million Worth Of BNB appeared first on Coinpedia Fintech News
Binance said that it had completed its 21st quarterly Binance Coin burn, removing about $547 million in BNB tokens from its supply.
The exchange also stated that an additional 4,833.25 BNB were burnt through its Pioneer Burn Program, a mechanism that assists customers who have lost digital assets due to honest mistakes.
Depending on the circumstances, the exchange pays for these losses and refunds the tokens to users. Binance then deducts these tokens from the overall quarterly burn.
Despite the vast amount of BNB burned, it does not appear to be having a significant influence on the Binance Coin markets at the time, with BNB values gradually declining alongside the rest of the crypto market.
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