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Binance has completed its 25th quarterly burn, setting a new milestone in terms of the amount of BNB supply destroyed in the past two years.
Leading cryptocurrency exchange Binance announced Monday the completion of its 25th quarterly BNB burn. Through its auto-burn program, Binance removed 2,139,182.98 BNB (approx. $501 million) from circulation during the past quarter.
The figures indicate that Binance lowered its total BNB supply by 1.38%, the highest figure recorded in the past ten quarters.
The last time Binance burned more supply was during its 14th quarterly burn. At the time, Binance destroyed 3.6 million BNB tokens, the equivalent of 1.8% of the coin’s supply.
For Binance, the burn program represents an effort to lower the asset’s supply and potentially accrue value for BNB holders. In the long term, Binance has pledged to remove 100 million coins from circulation, effectively capping its supply at 100 million.
At the time of writing, data from CoinMarketCap shows there are currently 151.7 million BNB tokens in circulation. The asset has also seen a mild 3% increase on the day, following news of the burn and a broader market recovery.
Binance Ecosystem Thrives Amid Legal Woes
Binance’s latest record burn suggests a thriving ecosystem buoyed by launchpad sales and usage of its BNB Chain despite ongoing legal woes facing Binance’s business.
Recall that the United States Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao (CZ) in June, alleging a violation of securities law.
Since then, key employees have left Binance, with trading volume on the company’s U.S. platform dropping significantly.
News of the lawsuit dealt a massive blow to Binance’s BNB, dropping the coin from $305 to new lows just above $200. BNB trades at $213 at press time, with experts hopeful that a breakthrough in the SEC lawsuit would help reverse Binance’s fortunes.