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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
BNB Chain has implemented an upgrade to its BSC network to address a surge in gas fees, which reached a 400% increase. The new system enables validators to process more bids, improving the chances of executing high-value memecoin transactions.
Over the past week, BNB Chain users incurred nearly 15 million USD in transaction fees. This amount surpasses Ethereum’s 7 million USD and indicates a robust user engagement on the network, influenced by recent memecoin activities related to Binance founder CZ Zhao.
Tigran Gambaryan, Binance’s financial compliance chief, asserted that rogue Nigerian lawmakers demanded a bribe of 150 million USD to drop charges against the exchange. He emphasized that the figure of 26 billion USD allegedly moved out of Nigeria was a misrepresentation of trading activity, not actual funds exiting the country.
The Nigerian Information Minister dismissed the bribery allegations, labeling them a distraction from the government’s investigation. He revealed that the Nigerian government declined a 5 million USD offer from the U.S. For Gambaryan’s release, opting instead for a more favorable outcome.
BNB’s price has dropped significantly below 700 USD, from 710 USD earlier today to 674 USD, causing losses for its holders.
The trading volume for BNB increased dramatically by 120%. CoinMarketCap reported that the total volume surpassed 5 billion USD in the last 24 hours.
Binance’s rumored selling of Bitcoin and Ethereum has slightly impacted BNB’s price, even though the exchange described it as an internal fund management activity.
BNB trading volume is $1.28b. Market capitalization reaches $96.36b.
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