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Binance have released figures that state that well over 3,000,000 of their native token, BNB were removed in their 11th burn of the asset.
Many exchange platforms have been completing burns of their native tokens of late as we have reached the end of the first quarter of 2020. This is because the whitepaper of such tokens nearly always states that they are to be burnt every time a quarter ends. Of all the burns, the burning of BNB is one of the most important owing to the significance of the token on the market and the fact it is listed so high on Coinmarketcap.
During this latest burn, 3,373,988 BNB were burned which has the value of 52.5 million USD worth of tokens were burned and the number was the highest ever recorded by the platform in terms of fiat and BNB volume. Therefore, it was a landmark burn for Binance who is one of the largest and fastest expanding platforms in the business.
The full details of the burn can be found in their latest blog post which was penned by their own founder and CEO, Changpeng Zhao. During this, he also discusses many other factors of the Binance ecosystem, including reaction to the Covid-19 crisis and plans for further expansion.