Binance burns 1.6 million BNB worth $1.2 billion in latest quarterly event

Binance has completed its thirty-seventh quarterly BNB burn, permanently removing 1,646,196 BNB tokens from circulation. The operation was executed directly on the BNB Smart Chain, reducing the total supply by a significant margin and sending the tokens to an address where they cannot be accessed or reused. At current market prices, the destroyed tokens represent a value of approximately $1.2 billion. BNB, the native token of Binance’s ecosystem, undergoes scheduled quarterly burns aiming to decrease the total supply over time. After the most recent burn, the remaining circulating supply stands at 131,512,500 BNB.

Source: CoinTurk News