ENTS
CRYPTOCURRENCY
ALTCOINS
Binance Coin (BNB) Uses, Support, and Market Cap
By JAKE FRANKENFIELD
Updated November 22, 2023
Reviewed by
ERIKA RASURE
Fact checked by
TIMOTHY LI

Investopedia / Madelyn Goodnight
What Is Binance Coin (BNB)?
Binance Coin is the cryptocurrency issued by Binance exchange and trades with the BNB symbol. As of August 2023, Binance Exchange is the largest cryptocurrency exchange in the world, with a volume of $6.7 billion.1
KEY TAKEAWAYS
Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol.
BNB was initially based on the Ethereum network but is now the native currency of Binance's own blockchain, the Binance chain.
Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or "burn," Binance coins held in its treasury.
Binance was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous applications, including payments for transaction fees (on the Binance Chain), travel bookings, entertainment, online services, and financial services.
At the time of writing, Binance Coin had a market cap of more than $36 billion and ranks behind only Bitcoin, Ethereum, and USD Tether in terms of market cap.1
On Nov. 21, 2023, Binance and its CEO, Changpeng Zhao, pleaded guilty to money laundering charges. Binance agreed to pay $4.3 billion to settle charges; Changpeng Zhao stepped down as CEO and agreed to pay $50 million toward the settlement. This came just one month after Binance paused all U.S. dollar deposits, withdrawals, and trades on Oct. 17, 2023, in response to the Securities and Exchange Commission (SEC) lawsuit filed against Binance.US on June 5, 2023.2 On June 5, the SSEC
