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Binance has announced the completion of its 24th quarterly BNB burn. The burn is carried out automatically and it saw a total of 1.99 million BNB tokens taken out of circulation . With a total value of $619.4 million this burn marks another significant milestone for Binance and its utility token BNB.
Continuous Reduction in Circulating Supply
In the first quarter of this year Binance did its 23rd quarterly BNB burn which resulted in the eradication of 2.02 million BNB tokens. These tokens were burned at an average price of $268.46. The data from the BNBBurn platform reveals that when combined with the latest burn a total of 183.13 million BNB tokens which worths $44.61 million have been perpetually removed from circulation so far.
Future Burning and Regulatory Challenges Impact BNB Price
When we take a look at the future the next quarterly burn (the 25th) is expected to eliminate at least 2 million BNB tokens which are valued at nearly $512 million. However despite the positive news of the large burn the price of BNB has not yet responded as anticipated. Currently trading at $243.71 it is down 0.01% in the last 24 hours. So it can be said that BNB seems to be influenced by the regulatory pressures Binance faces in several countries particularly in the United States.
Binance has faced with significant regulatory challenges including the fact that it was delisted by the UK Financial Conduct Authority and faced potential lawsuits from the US Department of Justice and the US Securities and Exchange Commission . As a result the token has no presence in the UK as of now. These regulatory pressures have had an impact on the price of BNB as investors remain cautious about the future of the exchange and its associated tokens.
Despite these challenges Binance faces it continues to operate and innovate in the cryptocurrency space . The regular quarterly burns of BNB tokens is showing us the exchange’s commitment to reducing the circulating supply and increasing the scarcity of the token.
