<span style="font-weight: 400">In its 21st quarterly burning event, Binance permanently burned $547 million worth of Binance Coin (BNB), but the markets have remained stable. In a <a href="https://www.binance.com/en/support/announcement/7edce2f958ae4c109433c82f3ecc5b05">statement, Binance said</a> that a total of 2,065,152 BNB tokens, priced slightly under $600 million at the time of writing, had been destroyed. The exchange also noted that 4,833.25 BNB tokens were burned through its Pioneer Burn Program, which aids users who unintentionally lost their digital assets.</span>

https://twitter.com/binance/status/1580478795760340994

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<span style="font-weight: 400">Depending on specific criteria, the exchange pays these losses and returns the tokens to users. The amount of these tokens then reduces the overall quarterly burn by Binance.</span>
<h2><span style="font-weight: 400">Binance  to Burn 20% Quarterly Profits</span></h2>
<span style="font-weight: 400">Previously, Binance committed to burning 20% of its quarterly profits. The exchange might have made $2.7 billion during the third quarter of 2022 without the most recent fire. </span><span style="font-weight: 400">According to its fiat worth, the 21st quarterly BNB burn was one of the largest in BNB burn history. The highest BNB burn was in 2021 when about $600 million in BNB was consumed.</span>

<span style="font-weight: 400">Despite the enormous amount destroyed, it doesn't appear that the burning activities have had much of an impact on the Binance Coin markets, with BNB values slowly falling along with the rest of the cryptocurrency market.</span>
<h2>Binance to Assist Terra Luna Classic</h2>
<span style="font-weight: 400">The exchange also honored its promise to assist Terra Luna Classic (LUNC) investors on October 3 by eliminating the trading commissions for the LUNC/BUSD and LUNC/USDT spot and margin pairs. According to the exchange, the initial burn of LUNC coins cost almost $1.8 million. </span><span style="font-weight: 400">While some of the neighborhood burns tokens, others burn artworks worth millions of dollars. To finish his non-fungible token (NFT) project named "The Currency," British artist Damien Hirst set some of his tangible works on fire on October 12 during a Livestream.</span>

Binance Permanently Destroyed $547 Million Worth of BNB

In its 21st quarterly burning event, Binance permanently burned $547 million worth of BNB, but the markets have remained stable.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Binance Permanently Destroyed $547 Million Worth of BNB

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