The Binance cryptocurrency exchange burned over 3.6 million BNB, thus removing about $ 165.8 million worth of coins from circulation. The current 14th quarterly BNB coin burn is the largest ever conducted by an exchange
When BNB was launched, Binance undertook to burn 100 million coins (roughly half of its supply) to reduce the supply in the market. The volumes burnt by the exchange depend on the trading volume on the platform for the previous quarter. Both BNB holders and Binance itself benefit from a corresponding increase in the coin’s price.
Binance CEO Changpeng Zhao stated that the exchange holds BNB and that most of its revenue goes to BNB.
Over the past three and a half years, Binance has burned about 13% of the total BNB supply. Zhao said it will take about 27 years to meet the conditions outlined in the roadmap, but the exchange is trying to speed up the process:
“How much faster? We’re not 100% sure. The current accelerated pace would reduce the time to burn 100 million BNB to 5-8 years. But in the future, a number of factors may change the accelerated program. These factors include BNB price fluctuations, general market conditions and more. ”
Zhao added that the accelerated burn process will make it impossible to cancel Binance’s revenue counting mechanism based on the BNB burned.
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