Main navigation

Binance Burns 1.335 Million BNB, Replaces Quarterly Burns with BNB Auto-Burns: Details

Thu, 23/12/2021 - 10:26
Binance Burns 1.335 Million BNB, Replaces Quarterly Burns with BNB Auto-Burns: Details
Cover image via
Read U.TODAY on
Google News

Chinese cryptocurrency journalist Colin Wu has spread the word about the Binance trading giant completing another quarterly token burn. In the course of it, 1.335 million BNB were destroyed.

He also posted a link to a Binance blog article which says that from now on the exchange is replacing quarterly burns with auto-burns and voiced the condition on which BNB will no longer be incinerated in the future.

Binance introduces BNB auto-burns, fewer coins to be destroyed now

The blog post published by Binance says that after listening closely to the BNB and Binance Smart Chain communities, the management of the exchange decided to implement a new auto-burn procedure for Binance Coin.

Binance has also just burned a whopping 1.335 million coins in its 17th quarterly burn. That equals $704,198,842 at the present exchange rate of BNB/USD: $527.489770. These coins have been removed from circulation for good.

After that, the article says, the amount of BNB that will be destroyed during auto-burns will be a bit smaller: 1.69 million BNB.

BNB is used to fuel transactions on the Binance Smart Chain (BSC) and for participation in decentralized governance on BSC, as well as a means of payment by a stream of businesses and crypto exchanges.

As summarized by Colin Wu, these BNB auto-burns will be based on the Binance Coin's price and the level of activity on Binance Smart Chain, not on Binance's profit as it was in the past.

Besides, BNB auto-burns will stop as soon as the overall amount of BNB in circulation goes under 100 million.

Elon Musk Explains Why He Is "Pro Doge," Stepping into Jack Dorsey's Web3 Debate

Whales and Binance shift $32 million in BNB

As reported by crypto tracker Whale Alert, in the past five hours, two major transactions carrying slightly over 30,000 BNB each were detected.

According to the crypto tracking service, an owner of an anonymous wallet sent 30,067 BNB to Binance (that is, $16,009,242). Binance moved 30,175.742 (equal to $16,059,949) to an anonymous wallet as well.

Image via Twitter

Latest Press Releases

Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards
ElmonX Unveils ‘The Scream’ NFTs by Edvard Munch For The First Time Ever
World's First Bitcoin Layer 2 Conference to Unite East & West in Hong Kong, April 2024
Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Our social media
There's a lot to see there, too

Popular articles