Crypto exchange Binance has completed its 21st quarterly Binance Coin (BNB) token burn.
2.06 million coins valued at more than $547 million have been withdrawn from circulation.
Notably, 4,883 BNB have been burned as part of the Pioneer Burn initiative.
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Since 2017, Binance has targeted to retire 100 million tokens, or half of the coin supply. The number of coins that will be removed is calculated automatically using the Auto-Burn formula. The exchange switched to this mechanism late last year.
According to the statement shared by the platform:
"BNB Auto-Burn provides an objective and externally verifiable process independent of the centralized exchange Binance. In addition to that, the BNB Chain still continues to burn part of the gas rate in real time."