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Information about Binance Coin (BNB)
BNB is Binance Coin, a cryptocurrency issued and traded by the Binance exchange.
BNB launched through an initial coin offering in 2017, 11 days before the cryptocurrency exchange Binance. Initially, BNB was issued as an ERC-20 token running on the Ethereum network, with a maximum total supply of 200 million coins and 100 million BNB offered during the ICO. However, the ERC-20 BNB coin was swapped for 1:1 BEP2 BNB in April 2019 with the official Binance Chain network launch and is no longer hosted on Ethereum.
BNB can be used as a payment method, a utility token to pay fees on the Binance exchange, and to participate in the token sale on the Binance Launchpad. BNB also powers Binance DEX (a decentralized exchange).
News
Changpeng Zhao, co-founder of Binance, pledged 500 BNB for disaster relief in Thailand and Myanmar after a 7.7 magnitude earthquake struck on March 28, causing significant damage.
The earthquake resulted in at least 144 confirmed deaths and approximately 732 injuries. There are ongoing rescue efforts to assist those affected.
Zhao aims to distribute funds through Binance, emphasizing the efficiency of crypto donations for disaster relief efforts in times of crisis.
Nigeria’s Minister of Information, Alhaji Mohammed Idris, has stated that Binance is involved in aiding criminals and terrorists in money laundering. This allegation adds pressure to Binance, already facing legal troubles in Nigeria.
Binance is charged with money laundering and tax evasion, alongside a staggering $81 billion claim against it by Nigeria. The situation reflects ongoing legal issues the exchange has faced, further complicated by delays in court proceedings.
On March 27, 2025, Changpeng Zhao announced the launch of ‘Pay to Reach’, aimed at managing high message volumes. Users can send direct messages to him for a fee of 0.2 BNB, enhancing BNB’s utility and establishing a monetization model within the crypto community.
While the feature offers a new way to engage, it raises concerns regarding the commercialization of previously free communication channels. CZ’s initiative has drawn criticism and sparked discussions on the balance between accessibility and managing communication within the crypto ecosystem.
Tigran Gambaryan was held for eight months in Nigeria, where he faced tax and money laundering charges. He suggested these charges were merely a strategy to negotiate with Binance.
His health deteriorated during detention, suffering issues like pneumonia and malaria. Gambaryan felt that the pressure from the UN General Assembly contributed to his eventual release.
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