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Crypto Exchange Binance Burns $548M Worth of BNB Tokens

Crypto Exchange Binance Burns $548M Worth of BNB Tokens

Binance's 21st quarterly burn is one of the biggest in history, considering its fiat value.

Binance, one of the largest crypto exchanges in terms of daily trading volumes, had completed its 21st quarterly BNB burn.

According to the announcement, BNB Auto-Burn procedure burned around 2,065,152 BNB tokens worth around $548 million.

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Moreover, the crypto exchange noted that around 5 thousand BNB tokens were burned through Pioneer Burn Program. The latter-mentioned program is designed for users who accidentally transferred their tokens to the burn address. With the help of the programs, users can receive a part of their lost funds back.

The BNB auto-burning initiative was introduced in the last quarter of 2021. In its 21st BNB burn announcement, Binance noted that the company is committed to removing 100 million or, if not possible, half of the total supply through its burning process. The number of removed tokens is calculated each quarter based on the Auto-Burn formula.

The company highlighted that the BNB Auto-Burn process is an independent, auditable, and objective procedure, separate from Binance centralized exchange.

It is reported that the 21st quarterly BNB burn is one of the biggest in history, considering the fiat value of burned tokens. The record-breaking BNB burn was performed in 2021. At that time, burned token value in fiat was around $600 million.

At the time of writing, BNB retails for around $275. During the last 24 hours, the token's price increased by almost 2%.

In other news, Binance has recently announced its plans to launch Terra Classic (LUNC) trading fee-burning mechanism. The LUNC burning mechanism will be applied to all LUNC spot and margin trading pairs. More specifically, LUNC/BUSD and LUNC/USD trading pairs. The collected fees will be converted to LUNC and sent to the LUNC burning address.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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