Binance, the leading cryptocurrency exchange, has completed a BNB burn, according to to announce Binance today, Saturday.

The burning process that Binance recently completed is the 12th in the history of Binance burning its BNB coins and is the largest ever since Binance started this process.

As a reminder, BNB is a Binance coin that was launched as an affiliate currency of the trading platform that allows traders to use it to pay trading fees along with many other uses.

BNB coin was launched in 2017 with a total number of 200 million BNB units today and after successive burns the coin supply is constantly being reduced.

In a Binance announcement about the recent burning, it said:

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Binance had its 12th quarterly burn, which amounted to 3,477,388 BNB.

This burn represents trading activity across Binance’s spot, margin and futures platform, as well as various portfolio projects and ecosystem partners using BNB, from April to June 2020.

The burning process permanently removed about $60.5 million of BNB coins.

Binance was initially launched as a spot trading platform but has since expanded into many other sectors in the trading space which has now made it one of the most profitable platforms.

Thus, the number of BNB burned is rising every quarter, and the latest burn represents the largest since Binance began burning BNB.

The number of cryptocurrencies that will be burned (ie taken out of circulation permanently) is determined by the revenue figures for each quarter.

The higher the revenue, the more cryptocurrency is burned and vice versa.

The previous record was set in April of this year in 11 cryptocurrency burns, which saw the burning of up to 3,373,988 BNB coins, which was then worth about $52.5 million, and if we count the burns cumulatively, we find that Binance has now burned 23 593,399 BNB coins.

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Initially, BNB coins were launched on the Ethereum blockchain as BNB was built according to the ERC-20 standard.

The BNB coin will be migrated from the Ethereum blockchain to the newly developed Binance blockchain in 2019.

Interestingly, Binance continued to burn BNB on its main network at the same pace that the coin was on the Ethereum blockchain, which means that the same Ethereum activities were transferred to the Binance blockchain.

The 12 cryptocurrency burn comes as Binance celebrates its third year of existence making it one of the fastest growing companies not only in the crypto space but even when compared to traditional companies.

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In a post on Binance’s blog, Changpeng Zhao, CEO of Binance, highlighted some of the company’s achievements over the past three years, including notable acquisitions and expansions in various sectors.

It is worth noting that in the last quarter, Binance acquired leading cryptocurrency data collection platform Coinmarketcap and crypto debit card maker Swipe.

This quarter, Binance added Bitcoin, Ethereum and Ripple to its leverage options.

Binance has also launched a private mining pool, which currently ranks among the top 10 mining pools that contribute to the computing power of the Bitcoin network.

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