Crypto Exchange Binance Burns $547M Worth of Native Tokens

• Binance has burned $547 million worth of BNB tokens in its 21st quarterly burn event.
• The crypto platform burned 4,833.25 BNB additionally through the Pioneer Burn Program.
• The burning event did not have much of an impact on the Binance Coin market.

Binance has burned $547 million worth of BNB tokens in its 21st quarterly burn event. The exchange platform burnt a total of 2,065,152 BNB tokens. Binance also burned an additional 4,833.25 BNB through the Pioneer Burn Program

Changpeng Zhao, the CEO of Binance, shared the news on Twitter:

The Pioneer Burn Program is an initiative to help eligible users who lose tokens as part of mistakes. Through this initiative, Binance reimburses the losses and returns the tokens to users, depending on specific conditions. The crypto platform then subtracts these tokens from the overall quarterly burn.

Notably, the purpose of burning tokens is to bring down the token supply from the initial 200 million to 100 million. Users observed that Binance had burned more tokens this time than it did in the past quarters.

In July this year, Binance concluded its 20th quarterly burn, where 1,959,595.29 BNB tokens were removed from circulation permanently. During this burning schedule, 4,181.77 BNB were effectively burned via the Pioneer Burn Program.

Despite the enormous amount torched, the burning attempts don’t appear to be having much of an impact on the Binance Coin market at the moment, with BNB values progressively falling together with the rest of the market for crypto.

As of this writing, the BNB token ranks number five on CoinMarketCap. BNB token has 161,337,261.09 BNB in circulation, and its total market supply is 200,000,000 BNB. BNB has a 24-hour trading volume of $749,079,550 with a 3.26% decrease.