Binance Coin Burn Archives - Times Tabloid https://timestabloid.com/tag/binance-coin-burn/ Cryptocurrency and Blockchain Tabs Thu, 13 Oct 2022 12:38:49 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://timestabloid.com/wp-content/uploads/2021/08/cropped-Times-Tabloid-Favicon-32x32.png Binance Coin Burn Archives - Times Tabloid https://timestabloid.com/tag/binance-coin-burn/ 32 32 Binance Confirms the Burn of $541 Million worth of BNB https://timestabloid.com/binance-confirms-the-burn-of-541-million-worth-of-bnb/ Thu, 13 Oct 2022 12:36:46 +0000 https://timestabloid.com/?p=11117 Binance, the largest crypto exchange by trading volume, has announced that the burn of about 2.06 million BNB has been completed. The new development was shared a few hours ago via the official Twitter handle of the crypto exchange. According to Binance, this is the 21st quarterly BNB burn and the exact amount of tokens […]

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]]> Binance, the largest crypto exchange by trading volume, has announced that the burn of about 2.06 million BNB has been completed.

The new development was shared a few hours ago via the official Twitter handle of the crypto exchange. According to Binance, this is the 21st quarterly BNB burn and the exact amount of tokens destroyed is 2,065,152.42 BNB worth $541 million at current prices.

Read Also: CZ Binance States One Catalyst to Boost Global Adoption of Crypto

Another interesting thing about the latest quarterly BNB burn is that a total of 4,833.25 BNB were destroyed via the Pioneer Burn Program.

In September 2020, Binance introduced the BNB Pioneer Burn Program, an initiative that aims to help eligible users who mistakenly lost tokens while trying out the Binance Smart Chain.

Under the BNB Pioneer Burn Program, Binance will cover users’ losses for accepted cases and count the lost tokens under its quarterly BNB token burn activities instead.

Read Also: Another Exchange Set To List LUNC So As To Join Binance and Others to Implement 1.2% Burn

According to the report back then, Binance will help users who lose their assets in the following cases:

  1. The lost tokens are either BNB, “wrapped” tokens (e.g. WBNB), or “pegged” tokens (e.g. BTCB) supported via the Binance “Token Canal” Project;
  2. The lost tokens are transferred to BEP20 contract addresses that are verified on bscscan.com, so that the loss can be publicly justified or recognized as moving the asset out of circulation and cannot be brought back forever;
  3. The loss is from an honest mistake and is worth more than 1,000 USD, but is less than the projected BNB burn amount in the upcoming quarter.

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