Binance burns almost 2 million BNB for $1.17 billion
On April 24, 2024, Binance held its 27th quarterly BNB coin burn. A total of 1,944,453 BNB coins worth $1.17 billion were withdrawn from circulation.
The report says that the burning procedure was carried out as part of the Pioneer Burn program. In addition, the company recalled that in 2017 it made a commitment to withdraw 100 million BNBs (half of the total) from circulation.
In total, they plan to leave 100 million coins. The team added that the burning is performed automatically on a quarterly basis and is calculated using the Auto-Burn formula.
"BNB's Auto-Burn provides an independent and auditable process. The numbers are reported quarterly and the mechanism itself is independent of the centralized Binance exchange. Additionally, BNB Chain continues to burn a portion of BNB Chain fees in real time using the Real-Time-Burn mechanism," the statement said.
According to the BNBBurn portal, Binance will burn 1.65 million BNB in the second quarter of 2024. It should be noted that at the time of writing, the asset is trading around $606. Over the past seven days, the BNB rate has increased by more than 11%.
On January 17, 2024, Binance burned more than 2 million BNB for $636 million.
