Binance has a blog post “We are listening closely to the Binance Smart Chain (BSC) and the BNB community, and we are proud to announce the immediate implementation of a new BNB auto-burn process.”
Coin burning is a common mechanism through which altcoin creators control the supply of tokens. In most cases (including Binance) this process removes BNB tokens from circulation by sending them to an untraceable wallet. After the implementation of the new mechanism, the burning process will become verifiable.
Like Gas on the Ethereum network, BNB is Binance’s native token and is used for transactions on the Binance smart chain. However, Binance does not control or operate this BSC.
The change in mechanism also means that the amount of BNB burned will no longer depend on Binance’s profit, but on the price of BNB and the level of BSC activity.