Binance burns $547 million worth of BNB

Binance has burned over 2 million BNB coins during its 21st quarterly burn, according to the latest Binance cryptocurrency news.

The crypto exchange noted in a blog announcement on Thursday that its quarterly exercise has seen a total of 2,065,152 BNB tokens removed from circulation. The programmed destruction has thus forever removed BNB worth around $547 million from the cryptocurrency’s supply.

The latest quarterly burn also included an additional 4,833.25 BNB destroyed through the platform’s Pioneer Burn Program, Binance noted.

#Binance Completes 21st Quarterly #BNB Burn!

🔥 2.06m #BNB has been burned 🔥 pic.twitter.com/VHvt1E4FzB

— Binance (@binance) October 13, 2022

The mechanism debuted in September 2020 and is designed to help BNB holders who lose their assets via ‘honest mistakes.’ The reported loss is however expected to be of BNB worth over $1,000 but less than the scheduled quarterly BNB burn amount.

Binance, which launched in 2017 and is a market leader with a robust community of BNB holders across the world, unveiled the auto burn mechanism in 2021. The platform plans to remove from circulation 100 million BNB, which would be 50% of its total supply.

The current BNB circulating supply is 161,337,261.09 BNB tokens, which is about 81% of the max supply of 200,000,000 BNB.