Crypto News: Binance Exchange Burns $547M Worth Of BNB Tokens

Binance Exchange has completed its 21st quarterly Binance Coin (BNB) burn, removing about $547 million in BNB tokens from its supply.

iexclusivenews reports that Binance announced in a statement that it had destroyed a total of 2,065,152 BNB tokens, valued at slightly under $600 million at the time of writing.

The exchange also stated that an additional 4,833.25 BNB were burnt through its Pioneer Burn Program.

A mechanism that assists users who have lost digital assets due to honest mistakes.

Depending on the circumstances, the exchange will pay these losses and return the tokens to users.

Binance then deducts these tokens from the total quarterly burn.

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Binance previously promised to destroy 20% of its income each quarter.

The latest burn might have resulted in a $2.7 billion profit for the exchange during the third quarter of 2022.

In terms of fiat value, the 21st quarterly BNB burn is one of the largest in BNB burn history.

In 2021, almost $600 million in BNB was destroyed, setting the record for the greatest BNB burn.

Despite the vast amount torched, the burning activities do not appear to be having a significant influence on the Binance Coin markets at the time. With BNB values gradually declining alongside the rest of the crypto market.

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On October 3, the exchange also honored its promise to Terra Luna Classic (LUNC) investors by burning LUNC trading fees collected on its LUNC/BUSD and LUNC/USDT spot and margin pairs.

The exchange announced that around $1.8 million in LUNC tokens were burned in the initial burn.

While some members of the community burn tokens. Others destroy artworks worth millions of dollars.

Meanwhile, iexclusivenews Nigeria reports that Damien Hirst, a British artist. Lit some of his actual artworks on fire during a webcast on Oct. 12. To complete his nonfungible token (NFT) project named “The Currency.”