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Binance destroys a million BNB tokens worth $390 million.

Binance destroys a million BNB tokens worth $390 million

Binance’s 16th quarterly token burn event has destroyed $400 million in BNB. However, the markets don’t seem to mind.

Binance destroys a million BNB

Binance said on July 18 that it had destroyed 1,296,728 BNB coins worth slightly under $400 million. The exchange’s Pioneer Burn Program destroyed a total of 5,163 BNB. The following is designed to assist customers who have lost tokens due to honest mistakes in smart contract transactions.

Binance compensates for the losses by repaying tokens to users in certain conditions. The exchange then subtracts these token amounts from the quarterly burn totals.

The Markets barely affected

The current burn is the second-largest in terms of fiat value in Binance Coin’s history. In March, Binance destroyed a massive $600 million worth of BNB.

Despite the size of the burn, it appears that the incident had minimal influence on Binance Coin markets. BNB values still drifting sideways throughout the weekend.

BNB was trading at $301.66, down less than 1% on the day. It is now down 56% from its all-time high of $686 set on May 10th, but it is still up 700% since the year.

Facing Regulations around the world

Binance has recently faced up against authorities on many fronts. Namely, with the United Kingdom, Germany, and Hong Kong exerting substantial regulatory pressure.

As the country’s financial authority cracks down on unregulated cryptocurrency trading platforms, several high street banks in the United Kingdom have barred their clients from transacting with the exchange. Binance abruptly suspended the sale of its equity tokens on July 16.

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