Cryptocurrency exchange Binance has completed its 10th quarterly burn, in which it has destroyed 2,216,888 Binance Coins (BNB) (approx. $38.8 million).
The exchange uses 20% of its quarterly profits to buy BNB token and permanently burns it. Binance coin is the cryptocurrency token issued on the Binance platform.
The latest coin burn is the second biggest in the US dollar terms and the third biggest in BNB terms.
The cryptocurrency is currently priced at $17.70 on major exchanges. The coin burn was announced about three hours ago, but so far, the news has not had any impact on the coin.
Binance burns coins allocated to the team and not from the circulating supply and so it’s not necessarily a price-bullish event.
According to Binance’s white paper, 40% of the total BNB supply (80,000,000), was allocated to the team as a reward for the work it has put into building the ecosystem. Back in July 2019, the team announced that it will give up all its allocations.