The Tokens burning consists of permanently disappearing from existence a percentage of the existing total or circulating quantity of a given token, that is, it consists of reducing the Supply.

The primary aim of token burn is to reduce supply of tradable assets in the market and help to create balance supply-demand which affects the price of the asset in the crypto market.

Binance is one of the projects that burn their tokens from time to time and I'm very happy to read about them from you. Their quarterly burn is now being released by auto-burn which brings in more transparency.