Burning BNB, which involves sending tokens to an inaccessible wallet, effectively removes them from circulation forever. It was initially introduced as a mechanism to accrue value and grow Binance. But as the broader crypto market grew and Binance Smart Chain was launched, BNB found uses beyond simply being an exchange token. It is the third-largest coin by market value, according to CoinMarketCap data, behind only bitcoin (BTC) and ether (ETH). It was trading at about $530 in European hours on Thursday morning.