Binance exchange has announced that the 24th quarterly burn of Binance Coin (BNB) has been automatically executed. The latest burn involved the destruction of 1.99 million BNB tokens with a value of $619.4 million.
Binance, the world’s largest cryptocurrency exchange by volume, stated that the 24th quarterly burn of BNB tokens was completed automatically at an average price of $310.99. In a statement, Binance said, “The 24th quarterly burn of BNB tokens has been completed with the destruction of 1.99 million BNB tokens, as per the BNB Automatic Burn procedure.”
In the first quarter of the year, the 23rd quarterly burn saw the destruction of 2.02 million BNB tokens at an average price of $268.46.
According to data provided by the BNBBurn platform, a total of 183.13 million BNB tokens, worth $44.61 million, have been burned and removed from circulation. The data from the platform indicates that the next quarterly burn (the 25th) will involve the destruction of at least 2 million BNB tokens worth a minimum of $512 million.
According to price data provided by crypto data platform CoinMarketCap, Binance’s utility token BNB has experienced a 0.01% decrease in the past 24 hours, trading at $243.71. The BNB token has not responded as anticipated to the news of the approximately $620 million burn by Binance.
Under normal circumstances, the announcement of a token burn would be expected to cause a significant upward movement in the token’s price. However, regulatory pressures faced by Binance, particularly in the United States, have been suppressing the price of its utility token.
In May, Binance was removed from the Financial Conduct Authority’s register in the United Kingdom. Last month, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance.US, Binance, and CEO Changpeng Zhao, alleging violations of securities laws. It was also reported that the U.S. Department of Justice (DoJ) was preparing to file a lawsuit. Binance had to halt all its operations in the Netherlands and is facing a money laundering investigation in France.