Binance Burned $620 Million in BNB

Binance Burned $620 Million in BNB

BNB burn

The world’s largest cryptocurrency exchange Binance continues to strive to reduce the total number of BNB tokens in circulation to 100 million

To do this, the trading platform announced the completion of the 22nd burn of its own BNB token.

Binance said in a statement that it has withdrawn 2.064 million BNB from circulation, worth nearly $620 million at current exchange rates.

The 22nd token burn was the largest BNB token burn since the record-breaking 14th two years ago.

7,181 of the 2,064 burned today were in the Pioneer Burn Program. This feature, announced in 2020, aims to help people who have lost access to their BNB tokens after they submitted requests through the customer service page and were approved by the exchange.

Native cryptocurrency Binance has been on the rise since the beginning of the year along with the rest of the market. BNB entered the market in 2023 at around $240 but soared into double digits over the next few weeks.

This culminated in a spike to $315 on Saturday, the highest BNB price tag since late November 2022. Despite a small pullback since then, the asset is still trading above $300 per token.

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