Binance Burns Over $450 Million in 25th Quarterly BNB Burn

Binance Exchange has completed its 25th quarterly BNB burn, removing over $450 million worth of BNB from circulation.

Binance Burns Over $450 Million in 25th Quarterly BNB Burn

On the afternoon of October 16, 2023, according to Vietnam time, Binance announced the completion of its 25th quarterly BNB burn.

At a BNB price of approximately $212, this burn destroyed 2,139,182 BNB tokens, equivalent to over $450 million.

Comparatively, in the 24th burn, tokens worth approximately $484 million were removed from circulation. This indicates relatively stable coin prices on the Binance exchange over the past three months.

Quarterly BNB Burn Statistics by Binance

In fact, this reflects the general trend in the cryptocurrency market currently. Crypto has experienced a subdued third quarter with minimal fluctuations; major coins like BTC and ETH have mostly traded sideways. Therefore, BNB has not been exempt from these overall market dynamics.

Furthermore, Binance has continued to face legal challenges globally over the past quarter. The ongoing lawsuit with the SEC has negatively impacted Binance US's market share, which has seen a continuous decline. Regulatory scrutiny and FUD surrounding CZ's ventures, such as allegations of minting new staking ETH tokens without burning the old ones, or revelations of distributing only 10% of the promised BNB during the 2017 ICO, have eroded user trust significantly, directly affecting BNB's price.

1-hour chart of BNB/USDT pair on Binance at 02:20 PM on October 16, 2023