Binance Burns Over $620M in BNB, Pushing Towards Goal of 100M Tokens

• Binance has burned 2.064 million of its native BNB cryptocurrency, worth approximately $620 million.
• This is the largest BNB burn since the record-setting 14th burn two years ago.
• Binance has a goal to reduce the overall BNB in circulation to 100 million, and the 22nd burn helps it reach that goal.

Binance, the world’s leading cryptocurrency exchange, recently announced its 22nd BNB burn. The burn removed over two million BNB tokens from circulation, worth almost $620 million at today’s prices. This is the largest BNB burn since the record-setting 14th burn two years ago.

The BNB token is Binance’s native cryptocurrency. It can be used to pay fees on the exchange, as well as to purchase cryptocurrency and other products. Binance has been running regular BNB burns since 2017, and the goal is to reduce the overall BNB in circulation to 100 million.

For the 22nd burn, 7,181 of the 2.064 million BNB tokens burned were from the company’s Pioneer Burn Program. This program was introduced in 2020 and helps people who have lost access to their BNB tokens. People can submit requests through the customer service page and are approved after a review process.

The BNB token has seen tremendous growth since its launch. The price of BNB has risen from just over $1 in 2017 to a high of over $500 in 2021. This makes Binance’s BNB burn one of the most successful cryptocurrency projects in the world.

Binance’s BNB burn is just one of the many ways it is trying to create a more secure and efficient cryptocurrency ecosystem. The company also offers a range of products and services, such as a decentralized exchange, margin trading, and even a range of stablecoins.

By burning BNB tokens, Binance is trying to create a more secure and efficient cryptocurrency ecosystem. The BNB burns are also beneficial for holders of the token, as it helps increase its scarcity and, in turn, helps increase its price over time.

Overall, Binance’s 22nd BNB burn was a huge success. It removed over two million of its native token from circulation, and the company is well on its way to achieving its goal of reducing the overall BNB in circulation to 100 million. This will no doubt be a major milestone for Binance, and it will be interesting to see how the price of the BNB token will react in the coming days and weeks.