Crypto trading platform Binance has completed its sixteenth quarterly BNB token burn. During the last quarter, the platform burned 1,296,728 BNB valued at $394 million. This amount includes 5,163 BNB that were sent by users to inaccessible addresses and cleared by the exchange. Binance CEO Changpeng Zhao said:
"The remaining locked team BNB are now unlocked and have been moved to the team address. The Binance team has never used or sold a single BNB from the team allocation so far, other than burning."
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Binance burned 1,099,888 BNBs worth $595 million in April.
The cryptocurrency exchange removed in January 3,619,888 BNB from circulation, valued at $165.8 million. The previous record was reached in October at 2,253,888 BNB.