Binance recorded its second-best quarter ever, brought $186 million in profit

Binance, the largest crypto-to-crypto exchange, has finished its 9th quarterly burn this morning. The exchange took away the equivalent of $37.2 million in BNB from circulation.

While Binance doesn’t disclose its financials, it burns 20% of net profits in its exchange token BNB on a quarterly basis. Binance has so far burned ~14.5 million BNB in nine burn events, which represents about 7.3% of the total supply of 200 million.