Crypto exchange Binance has burned over 3.6 million BNB tokens, taking out about $165.8 million in tokens from circulation, the exchange announced on Monday.
This 14th quarterly BNB token burn is the highest one ever carried out by the exchange.
When it launched BNB, Binance committed to burning 100 million BNB — roughly half of its supply — to reduce the supply. The amount the exchange burns is based on the trade volume on the platform during the previous quarter. Both BNB holders and Binance stand to benefit from a corresponding increase in the token price.
Binance CEO Changpeng "CZ" Zhao has stated the exchange is a BNB holder and that most of its revenues are in BNB already.
Binance has burned about 13% of its total supply in the last three and a half years. In Monday's announcement, Zhao said it would take about 27 years to do this, but that the exchange is trying to speed this process up.
"Exactly how much faster? We are not 100% sure. The current accelerated burn would put the trajectory to be around 5-8 years to finish the 100 million BNB," Zhao wrote in the announcement. "But a number of factors could change the accelerated part in the future, including BNB price fluctuations, overall market conditions, and more."
Zhao added that a consequence of the acceleratedd burning process is that users will no longer be able to "reverse calculate" Binance's revenue based on burned BNB.