Binance Burns $620 Million Worth of Native Crypto BNB From Circulation

The world’s largest cryptocurrency exchange Binance is still aiming to lower the total number of BNB in circulation to 100 million. To accomplish this, the firm announced the completion of the 22nd burn of its native token.

According to Binance’s statement, it has pulled 2.064 million BNB from circulation, which is worth over $620 million at today’s prices.

The 22nd quarterly $BNB token burn has been completed through #BNB Auto-Burn.

Here’s everything you need to know about the first quarterly burn of 2023 and some words from @cz_binance ??https://t.co/sIrWpnUxIL

— Binance (@binance) January 17, 2023

The 22nd burn was the largest in terms of BNB tokens since the record-breaking 14th two years ago. The Pioneer Burn Program was responsible for 7,181 of the 2.064 burns that occurred today. The service, which was introduced in 2020, intends to assist customers who have lost access to their BNB tokens when they submit requests through the customer service page and are accepted by the exchange.

The Pioneer Burn Program operates in tandem with the other BNB burning processes. Binance’s native crypto, like the rest of the market, has been on a run since the beginning of the year. It began in 2023 at roughly $240 but quickly skyrocketed by double digits.

This resulted in a rise of $315 on Saturday, marking the highest price for BNB since late November 2022. Barring a modest retracement, the asset is currently trading above $300.

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