BNB Tokens worth $547 million were destroyed by Binance

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Last Updated on October 13, 2022 by Bitfinsider

The cryptocurrency trading platform Binance has completed its 21st quarterly Binance Coin burn, erasing BNB coins worth around $547 million.

Binance announced the destruction of 2,065,152 BNB coins, with a current market value of almost $600 million. The Pioneer Burn Program, the exchange’s mechanism for assisting users who have lost digital assets due to honest mistakes, burned an additional 4,833.25 BNB, the company said.

Under certain circumstances, the exchange will compensate users for their losses and restore their tokens. Binance then included these tokens in their quarterly burn total.

In the past, Binance has promised to burn 20% of its quarterly earnings. The latest burn would have resulted in a $2.7 billion quarterly profit for the exchange in the third quarter of 2022.

Considering its dollar worth, the 21st quarterly BNB burn is among the largest in BNB burn history. In 2021, the greatest amount of BNB ever burned was roughly $600 million.

Binance Coin (BNB) values are currently trending downward along with the rest of the cryptocurrency market, suggesting that the burning activities are not having a significant impact on the markets.

The Terra Luna Classic (LUNC) trading fees collected on October 3rd for the LUNC/BUSD and LUNC/USDT spot and margin pairs were burned in fulfillment of the exchange’s promise to assist LUNC investors. The inaugural burn of LUNC tokens, the value of which was announced by the exchange to be about $1.8 million, was completed.

There are pockets of the community that are burning millions of dollars’ worth of artwork alongside the tokens they’re burning. Some of British artist Damien Hirst’s tangible sculptures were burned on livestream on October 12 as part of his “The Currency” nonfungible token (NFT) initiative.

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