Binance burns $547M worth of BNB tokens

Binance permanently burns $547 million of BNB tokens in its 21st quarterly burning event but the markets remain steady. 

Binance burns $547M worth of BNB tokens

Crypto exchange giant Binance had destroyed a total of 2,065,152 BNB tokens worth $600 million Binance also added 4833.25 BNB tokens burned through its pioneer burn program.

Before, Binance committed to burning 20% of its profits for each quarter. the exchange could have profited by $2.7 billion during the third quarter of 2022. 

The 21st quarterly BNB burn is one of the biggest amounts burned in BNB burn history in terms of its fiat value back in 2021 approx $600 million in BNB was burned marking the biggest BNB burning record.

Furthermore, a massive amount of BNB burned the burning efforts don't seem to have a huge impact on the Binance coin market. with BNB prices moving slowly downward along with the rest of the crypto market.

Related: Polygon powers India police complaint portal, battling corruption