Binance, a prominent cryptocurrency exchange, has removed $1.17 billion worth of coins from circulation, accounting for 1.3% of the asset held. This action is part of Binance's 27th quarterly BNB token burn exercise.

It's important to note that this token burn doesn't involve tokens related to the Pioneer Burn program. Despite this token burn exercise, there was no significant impact on the overall pricing of BNB tokens. CoinMarketCap reports a 0.9% decrease in the token's value compared to its previous price, dropping to $600 in a single day.

Despite the news of the US considering a potential three-year sentence for Binance founder Changpeng Zhao, BNB's price increased by 13% over the past week. However, its market capitalization decreased by 2.2% to $88 billion, although trading volumes saw a 1.4% increase.

Earlier this year, Binance removed approximately 2.14 million BNB from circulation, valued at $636 million. This accounted for roughly 1.38% of the total BNB asset collection.

Since the release of BNB in 2017, there has been a commitment to burn 100 million coins through quarterly exercises facilitated by the auto-burn mechanism. This process brings transparency and addresses various factors beyond the exchange's operations. Additionally, the BNB Chain periodically burns a portion of gas fees on the blockchain in the real world.