Major cryptocurrency exchange Binance announced that it completed the eighth Binance Coin (BNB) token burn and that it intends to also burn the tokens allocated to its team in an announcement published on July 11.
Per the announcement, 808,888 BNB (equivalent to over $23.7 million at press time) of the Binance’s team allocation have been burned in the event. The exchange notes that the burn is part of the firm’s commitment to burn a total of 100 million BNB tokens and that the team’s supply equates to 40% of the total supply.