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If this were found to be the case, there would be serious ramifications for Binance and BNB. Where concern arises, is the potential for BNB to be viewed as a security. While there have been instances in which traders suspect market manipulation involving BNB, this is no different than most other cryptocurrencies.

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Throughout its short lifecycle, Binance Coin has remained relatively free of controversy. These affiliations open up the opportunity for BNB to be used for travel expenses, bill payments, investments, and more. This adoption has resulted in a need for custodial options, with a bevy of wallet services now supporting the asset.īeyond custodial support, Binance coin has seen modest adoption from various companies affiliated with Binance exchange. Acceptance and Controversies?ĭue to the popularity of Binance exchange, Binance Coin has grown along with it. Its existence is solely as a means for Binance to capture a greater percentage of fees associated with the trading, listing, etc., of cryptocurrencies. Underlying Ideology?īinance Coin appears to be free of an underlying ideology. No exact timeline has been given for this transition. The team at Binance has indicated that BNB will soon transition away from the Ethereum network, and onto their own self-titled blockchain, Binance Chain. Projected Developments?Ĭurrently structured atop the Ethereum network, Binance Coin will soon be revamped. To date, Binance has undergone 6 separate burn cycles. This total will eventually become static at 100 billion BNB, as Binance intends to routinely ‘burn’ tokens on a quarterly basis. The token itself was distributed in a past ICO and is limited to a total of 200 billion BNB. This means that it is built using solidity as a coding language, and operates atop the Ethereum blockchain. How does Binance Coin (BNB) work?īinance Coin is structured as an ERC-20 token. While fees can be paid for with other assets, utilizing BNB provides its users with discounts on said fees.ĭespite being primarily used as a means to pay fees on the Binance exchange, BNB’s structuring as a cryptocurrency allows for it to facilitate everyday transactions similar to coins like Bitcoin, Litecoin, and more. Binance Coin was created to serve this entire ecosystem.įor the time being, the vast majority of users utilize BNB to pay various fees. While Binance is a wildly popular exchange, the company is looking to expand its operations to include a variety of different services. What is Binance Coin (BNB)?īinance Coin or ‘BNB’, is a cryptocurrency developed and released by the world’s leading cryptocurrency exchange, Binance. We recommend non-USA customers BNB tokens directly on the Binance exchange. Since BNB tokens offer discounts to Binance exchange fees.

Binance Coin (BNB) tokens are the native token of the Binance exchange.