Binance Burns $390M in BNB, Implying $2B Q2 Profits

Key Takeaways Binance has completed its 16th quarterly Binance Coin (BNB) burn, a regular practice that keeps the coin’s value strong. Over 1.2 million BNB tokens have been destroyed, equivalent to $390 million at the time of the burn. The amount burned implies Binance made close to $2 billion in profit since April. Share this article The world’s largest crypto exchange, Binance, has conducted its quarterly token burn, destroying $390 million worth of Binance Coins (BNB).  Binance Burns BNB tokens Binance has completed its 16th quarterly BNB token burn. The…

Binance burns $390M worth of BNB tokens

Major cryptocurrency exchange Binance has completed its 16th quarterly Binance Coin (BNB) burn, destroying over $390 million worth of BNB. On July 18, 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. Binance covers the losses, returning the tokens to users under specific circumstances. These token numbers are then…