Binance permanently destroyed $547 million worth of BNB in its 21st quarterly burning event, but the markets remain steady. 3251 Total views 31 Total shares Listen to article 0:00 News Crypto exchange platform Binance has concluded its 21st quarterly BNB (BNB)burn, eliminating around $547 million worth of BNB tokens from its supply.

In an announcement, Binance said that it had destroyed a total of 2,065,152 BNB tokens, which is valued at just below $600 million at the time of writing. The exchange also mentioned that an added 4,833.25 BNB was burned through its Pioneer Burn Program, a mechanism that helps users who have lost their digital assets through honest mistakes.

The exchange covers these losses and returns the tokens to users, depending on the specific conditions. These tokens are then deducted from the total quarterly burn by Binance.

#Binance Completes 21st Quarterly #BNB Burn!

2.06m #BNB has been burned pic.twitter.com/VHvt1E4FzB— Binance (@binance) October 13, 2022

Previously, Binance committed to burning 20% of its profits for each quarter. With the latest burn, the exchange could have profited by $2.7 billion during the third quarter of 2022.

The 21st quarterly BNB burn is one of the larges amounts burned in BNB burn history in terms of its fiat value. Back in 2021, around $600 million in BNB was burned, marking the largest BNB burn on record.

Despite the massive amount burned, the burning efforts don’t seem to have had a huge impact on t Binance Coin markets at the moment, with BNB prices moving slowly downward along with the rest of the crypto market.

Related: Binance introduces BNB Auto-Burn to replace quarterly burn protocol

On Oct. 3, the exchange also owned up to its commitment to help tTerra Luna Classic (LUNC) formerly Terra (LUNA) investors by burning the LUNC trading fees collected on its LUNC/BUSD and LUNC/USDT spot and margin pairs. The exchange announced that in the initial burn, around $1.8 million worth of LUNC tokens were burned.

While some parts of the community are burning tokens, some are burning artworks worth millions of dollars. On Oct. 12, British artist Damien Hirst set some of his physical artworks ablaze during a livestream to complete his nonfungible token (NFT) project called “The Currency.” #Business #burn #Binance #Binance Coin #Exchanges Related News How to store Bitcoin on MetaMask What bear market? This crypto wallet brand has a fresh look and an exciting new product Demand for talent in crypto less dependent on market as industry matures NFTs and crypto provide fundraising options for breast cancer awareness Binance burns $1.8M in LUNC trading fees following community proposal Binance opens 2 new offices in Brazil as team doubles since March