According to the release, the exchange burned a total of 1,296,728 BNB worth over $393 Million. First, this comprised the “actual quarterly burn” of 1,291,565 BNB.
Secondly, an additional 5,163 BNB was burned through the Pioneer Burn Program. The pioneer burn program is a way through which Binance compensates those who made huge “honest mistakes” in transactions to smart contracts.
Sequel to the burn, the remaining locked 16 million BNB are now released and moved to the team address.
Because of the burn, some people expected the price of BNB to rise at least a little. But as at the time of writing this report, a BNB token is worth $297.
Thus, the event seems to have little impact on the price. However, some analysts expect a turnaround as time goes on.
Having said that, it’s no news that Binance has been facing regulators in different countries like Thailand, Cayman Islands, and the UK. To the extent that it had to stop issuing stock tokens.