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​Binance burned $795 million worth of BNB tokens

18.01.2022 - 10:15 yanazakomoldina yanazakomoldina

The quarterly burning was done using the Auto-Burn mechanism.

What’s new? The Binance cryptocurrency exchange has implemented its eighteenth quarterly burn of the Binance Coin (BNB) tokens using the Auto-Burn mechanism. This is announced on the platform's Twitter.

What is the result of the tokens’ burn? 1 684 387,11 BNB (or about $795 million at the time of writing) has been withdrawn from circulation. 6296,305493 BNB were burned as a part of the Pioneer Burn program.

What had happened before? At the end of December, it was revealed that Binance was introducing a mechanism for the automatic coins’ burning, BNB Auto-Burn. It operates independently of the proceeds generated on Binance's centralized exchange through the use of BNB.

The mechanism is expected to provide a greater level of transparency for the Binance Coin and Binance Smart Chain communities.