Binance just removed 3,477,388 Binance Coin (BNB) worth $60.5 million from circulation – the largest in the crypto asset’s history.
The crypto exchange giant is performing coin burning events every quarter until it destroys 100 million BNB from circulation, representing half of the total 200 million BNB ever issued. The number of BNB tokens set to be burned is determined by the number of trades performed on Binance in a three-month window. The strategy aims to reduce the supply of BNB and increase its value.
“This burn, which represents trading activity across Binance spot, margin, and futures exchanges, as well as the various portfolio projects and ecosystem partners that use BNB, from April to June 2020, permanently took away about 60.5 million USD worth of BNB out of circulation.”
The most recent burn comes during the month of the crypto exchange’s third anniversary.
Binance created BNB in 2017 as a utility token which traders can use in the exchange to get discounts on fees or trade in the open market. The ERC-20 token is now the tenth-largest cryptocurrency by market cap.
At time of writing, BNB is valued at $17.13, according to data from CoinMarketCap.