Binance burns $390M worth of BNB tokens
Binance has destroyed $400 million worth of BNB in its 16th quarterly token burn event, but the markets don’t seem to care.
Major cryptocurrency exchange Binance has completed its 16th quarterly Binance Coin (BNB) burn, destroying over $390 million worth of BNB.
On Sunday, Binance reported that it had destroyed 1,296,728 BNB tokens valued at just under $400 million at the time.
The exchange noted an additional 5,163 BNB that were destroyed through its Pioneer Burn Program — an incentive that aims to help users who have lost tokens through honestly mistaken transactions to smart contracts.