Major crypto exchange Binance has finished its 16th quarterly Binance Coin (BNB) burn, destroying more than $390 million worth of BNB. Binance reported on July 18 that it had destroyed up to 1,296,728 BNB tokens valued at just under $400 million but the markets do not seem to care.
The crypto exchange noted an extra 5,163 BNB that were burned via its Pioneer Burn Program, an incentive that strives to enable users that have lost tokens through honestly mistaken transactions to smart contracts. Binance covers all these losses, returning the tokens to users under particular circumstances. The token numbers are then deducted from the quarterly burn totals by the exchange.
— CZ 🔶 Binance (@cz_binance) July 18, 2021
Binance is committed to burning 20% of the exchange’s profits every quarter, with the latest burn suggesting that the exchange may have profited by $2 billion in the second quarter of 2021. This latest burn is the second-biggest in Binance Coin’s history by fiat value, with a staggering $600 million worth of BNB having been destroyed in March 2021.
Despite the scale of the burn, the event seems to have not affected the Binance Coin markets, with BNB prices trending sideways over the weekend. At the time of publication, BNB was trading lower by around 1% on the day at $301.66. Currently, it is down by 56% from its May 10 all-time high of $686 but is still up an incredible 700% since the start of the year.
Recently, Binance has been fighting regulations on many fronts, with considerable regulatory pressure coming from Hong Kong, Germany, and the United Kingdom. In the UK, several high street banks have also curtailed and suspended their users from transacting with the exchange as the nation’s financial regulator clamps down on the unregulated crypto trading platforms. Binance abruptly stopped the sale of its stock tokens on July 16.