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Binance Coin Price (BNB)

₹ 51681.5900000000 0.63 %

Low : ₹ 48140.0000 High : ₹ 50038.0000

Market Cap

₹7.6 T

0.8679 %

All Time High : ₹52934.0000

All Time Low : ₹2.5800

Volume

₹119.88 B

Circulating Supply 153856000
Max Supply 200000000

Binance (BNB) Coin Price Live Chart

BNB Coin

BNB was initially developed as an ERC-20 token on the Ethereum platform. However, in April 2019, Binance built its own blockchain, named Binance Chain, and switched BNB to it. When compared to the Ethereum network, the Binance Chain provides faster transactions and reduced fees.

BNB has multiple use cases within the Binance ecosystem. It can be used to pay transaction fees on the Binance exchange, participate in token sales on the Binance Launchpad, and pay for various services and fees within the Binance ecosystem. BNB also powers the Binance DEX (decentralized exchange) and serves as a utility token within the Binance Smart Chain, supporting smart contract functionality.

In addition to its utility within the Binance ecosystem, BNB has gained significant attention as an investment asset. Its value has appreciated over time, driven by factors such as increased adoption of Binance services, utility demand, and overall market sentiment.


Founders of Binance Coin

Changpeng Zhao, also known as CZ, is a serial entrepreneur with a long history of successful enterprises. He founded Binance in July 2017 and grew it to become the world's largest digital asset exchange by trading volume in just 180 days. CZ has built Binance into the premier blockchain ecosystem, which includes Binance Exchange, Labs, Launchpad, Academy, Research, Trust Wallet, Charity, NFT, and more. CZ spent his childhood flipping burgers before attending McGill University in Montreal. CZ left his position as head of the Bloomberg Tradebook Futures Research & Development team in 2005 to launch Fusion Systems in Shanghai. Soon after, he learned about Bitcoin and became the Head of Technology at Blockchain.com. Twitter: @cz_binance 

He Yi oversees Binance's business, marketing, and branding strategies. Yi has overseen the business strategy behind Binance's rise to become the world's largest crypto exchange, pivoting the company from a crypto-to-crypto exchange to a global blockchain ecosystem. She was also an important component of the fundraising campaign that raised the firm's valuation to more than $3 billion.  Yi is recognized as one of the most prominent entrepreneurs in the blockchain business and has contributed to creating a trend of recruiting female executives in the male-dominated tech industry, strengthening the market's trust in women leaders. Twitter: @heyibinance 


BNB Auto Burn

A coin burn is the process of permanently withdrawing cryptocurrencies from circulation in order to limit the total quantity of the coin. In other words, the coins are destroyed and can no longer be utilized for trading or anything else. Coin burning intends to generate a deflationary impact and potentially improve the cryptocurrency's worth to benefit its holders by making the coin scarcer. The purpose of coin-burning events for BNB is to steadily lower its total supply until it falls below 100 million BNB.

To burn coins, a specific amount of cryptocurrency is given to a smart contract or wallet address that cannot be used for transactions and contains no private keys. This means that once the coins reach the address, they are permanently lost and hence eliminated from the available supply.

The BNB utility token fuels the BNB ecosystem. The entire supply was initially 200,000,000 BNB, but it is gradually reducing due to coin burns. The burning events will continue until half of the whole supply is burned, bringing it down to less than 100,000,000 BNB. Binance has executed 23 BNB coin burn operations as of April 2023. In total, 44,833,226.65 BNB coins were destroyed, representing a 22.37% reduction in the initial 200M supply.


Role of BNB Coin in the Binance Ecosystem

Transaction costs: On the Binance exchange, BNB can be used to pay transaction costs. Users can pay their fees in BNB when trading cryptocurrencies or completing transactions on the Binance platform. Users can enjoy lower fees by using BNB for fees, creating an incentive to store and use the coin.

Governance: Binance BNB holders have the capacity to engage in the Binance ecosystem's governance. Binance holds votes or polls on a variety of topics, such as listing new cryptocurrencies on the exchange or making platform changes, on a regular basis. Users can vote on these suggestions and have a say in the decision-making process by holding BNB.

Token Sales: BNB is the only token that can be used to participate in token sales hosted on the Binance Launchpad. Binance Launchpad is a platform that allows people to buy tokens from potential blockchain projects and invest in them. To participate in these token sales, users must possess a particular quantity of BNB, generating extra use and demand for BNB.

Staking and Rewards: Binance Coin holders can stake their coins in order to gain rewards inside the Binance ecosystem. Users who participate in staking offer their BNB coins to the network, thereby supporting its security and operations. They obtain staking incentives in the form of more BNB or other cryptocurrencies in exchange. Staking allows BNB holders to generate passive income.


New in Binance(BNB) 

  • The Horizen (ZEN) network upgrade and hard fork will take place at the Horizen block height of 1,363,115, or approximately at 2023-06-07 6:00 pm (IST). Deposits and withdrawals of ZEN will be suspended approximately starting from 2023-06-07 at 5:30 pm (IST).

  • The BNB Smart Chain (BEP20) network upgrade and hard fork will take place at the BNB Smart Chain block height of 29,020,050, or approximately at 2023-06-12 3:30 AM (IST). Deposits and withdrawals on BNB Smart Chain (BEP20) will be suspended starting from approximately 2023-06-12 at 3:00 AM (IST).

  • Binance is launching a new Portfolio Margin Program for eligible users in a gradual manner and expects to complete the full launch by 2023-06-07. This is a new cross-asset margin programme open to VIP 4-9 members as well as those with the same trading volume on USDS-M and COIN-M Futures as VIP 4-9. Eligible users can increase the versatility of their trading tactics by activating the Portfolio Margin option, which allows them can use multiple supported assets as collateral in their USDS-M Futures, COIN-M Futures, and Cross Margin wallets. 


SEC Vs Binance 

The Securities and Exchange Commission (SEC) has filed 13 charges against Binance and its founder Changpeng Zhao. The allegations put forth by the SEC claim that Binance violated securities laws by engaging in activities that attracted US customers to its unregulated international exchange. The charges specifically revolve around the unregistered offers and sales of Binance's native tokens, namely BNB and BUSD, as well as its crypto-lending products called "Simple Earn" and "BNB Vault."

According to the SEC, Binance acted as a broker-dealer, exchange, and clearing agency without appropriate registration. The agency identified the BUSD token, a stablecoin issued by Paxos, and Binance's BNB token as securities that should have been registered with the SEC. The SEC further alleges that despite Binance's claims of Binance.US operating separately from the main exchange, Zhao and other individuals within Binance directed valuable investors to bypass the controls designed to keep them off the platform.

In response to the SEC's complaint, Binance expressed disappointment at the SEC's decision to file charges against them. Binance stated that they have actively cooperated with the SEC's investigations, addressing their concerns and providing answers to their questions.

To summarise, the SEC has filed multiple charges against Binance and its founder, Changpeng Zhao, accusing the company of violating securities laws by enticing US customers to its unregulated international exchange. The SEC claims that Binance operated as a broker-dealer, exchange, and clearing agency without proper registration. The BUSD and BNB tokens were singled out by the SEC as securities that should have been registered with the agency. Binance, while expressing disappointment, stated that they have cooperated with the SEC's investigations and made efforts to address their concerns.

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Binance Coin news

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