Binance burned $636 million worth of BNB
Bitcoin exchange Binance conducted 26 BNB token burns. The platform removed 2.1 million coins (1.41% of the issue) worth about $636 million from circulation.
In 2017, the company launched a burn program with the goal of removing 100 million BNB from circulation—half of its total supply. From 2021, the number of coins removed is automatically calculated using the Auto-Burn formula.
As part of the previous round in October 2023, Binance burned 2.14 million BNB worth over $453 million. In July, the cryptocurrency exchange withdrew 1.99 million BNB worth $484 million from circulation.
Let us remind you that Binance analysts called 2023 “a more favorable turnaround for the crypto industry.”
